But Stefansson’s complaints were not limited to allegations of bribery. In a lengthy affidavit provided to Namibia’s Anti-Corruption Commission, he also claimed Samherji had shifted significant revenues to group companies in what he believed to be a tax-avoidance scheme., as well as public documents and the company’s financial statements, suggest Samherji used various techniques to reduce taxes in Namibia by shifting money to low-tax destinations such as Cyprus and Mauritius.
He added: “[Your] findings will go a long way in complementing efforts of the ministry to investigate and audit tax affairs of these companies.” Maritime African countries are estimated to lose up to $1.6-billion a year in tax revenues through illegal and undeclared fishing, according to recent research. But Nick Branigan, chair of the North Atlantic Fisheries Intelligence Group, a network of international government agencies that works with the United Nations and Interpol on fisheries crime, said this figure is likely an underestimate.
Finance Uncovered’s analysis of company accounts, as well as leaked invoices and contracts, suggests Samherji’s Namibian entities paid N$93-million to group companies in the UK and Mauritius for management, intellectual property and marketing. Júlíusson told the lawyer the royalties would be for “access to technical knowhow and etc. Advise [sic] on how to describe this would be welcomed”.
Mauritius is a leading African tax haven that has played a huge role in tax dodging on the continent and beyond. “Not only do they deprive governments of their tax revenue, they also get unfair advantages over local companies”, which are unable to send profits offshore. Based on publicly available accounts, Finance Uncovered estimates these discounts could have cost Namibian tax authorities $950 000 that year.
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