Beyond the role played by Swiss traders in the fuel subsidy scam, the BD has been able to establish a link between seven Nigerian companies suspected of having participated in the fraud and their subsidiaries in Geneva. Although most serve only as letterbox companies, they have listed, without any inspection, in the trade register. There are two reasons underlying the creation of these subsidiaries, according to interviews conducted within the framework of this investigation. In certain cases, it is a matter of benefiting from the tax advantages that the cantons offer for companies working primarily abroad – which is undoubtedly relevant for a Nigerian importer. In other cases, the primary motivation is to get closer to banks specialising in financing trading. This hope has often proven vain, due to the reputation of Nigeria and the relative anonymity of these firms. This is all the more so since several of these companies, having no real activities in Switzerland, have contented themselves just with an address in a fiduciary or lawyer’s office.
Posted on: Tue, 03 Dec 2013 15:14:18 +0000
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