COMING UNSTUCK
The alacrity that diversified major Glencore displayed in closing its coal trading office in Singapore and relocating it to Australia put it in a good light at the Senate tax inquiry in Australia. In sharp contrast, stronewalling and shillyshallying skittled the reputations of both BHP Billiton and Rio Tinto, which may have repercussions down the line. Up to now, Australia’s Treasurer, Joe Hockey, has made it unequivocally clear that he will block any Glencore attempt to take over Rio Tinto but he could well come under pressure to show less knee-jerk prejudice towards the London-, Hong Kong- and Johannesburg-listed company in future. All three companies denied any tax wrongdoing but Glencore was the only one prepared to allay suspicion immediately. Inquiry chairperson Sam Dastyari denounced BHP Billiton’s reluctance to respond to questions and gave the world’s biggest mining company two weeks to come up with answers.
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