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Friday, 02 December 2011

Ugandan companies trouble with tough EU disclosure law

Tullow Oil as well as other oil and gas companies based in the European Union, will be required to publicly disclose their payments to the government, according to a new law being drafted by the EU.

The oil industry has come under the spotlight in recent weeks over the highly confidential dealings and payments to the government of Uganda, which are kept under tight wraps. But apart from oil companies, many other European companies are currently extracting precious minerals and metals but very little is known about their dealings and the payments they make to the government.

The European Commission now wants to amend the existing EU directives on market transparency and corporate accounting to ensure that companies based there that are engaged in the extractive industries; are transparent with their payments to governments in a move intended to "act as a deterrent to corruption."

Source: AllAfrica/The Indepedent