Monday, April 25, 2016

Did this company engineer the largest tax dodge in Canadian history?

Cameco President and Chief Executive Officer Tim Gitzel
For Don Kossick it’s been a lonely battle – a sort of one-man crusade, if you will.

The Saskatoon-based activist and community organizer runs Saskatchewan Citizens for Tax Fairness, which lobbies against corporate tax evasion. Two years ago, Kossick managed to raise enough money to pay for a billboard sign in downtown Saskatoon with the blaring headline “Pay Up Cameco”.

Headquartered in Saskatoon, Cameco Corp. is the world’s largest publicly-traded uranium company – producing as much as 15 to 20 percent of the global uranium supply. In fact, it provides most of the uranium used in Canada’s nuclear reactors.

But Cameco is now in hot water: the federal government is accusing the $2.8-billion company of operating a massive tax dodging scheme for years – and potentially depriving state coffers of as much $2.1-billion in cash. Cameco, which denies these allegations, goes on trial in Toronto this September. And If the company is found guilty, it would constitute the largest tax avoidance case in Canadian history. Meanwhile, the US Internal Revenue Service (IRS) is seeking (US) $32-million in back taxes from Cameco – and is investigating to see if the company owes more.

Yet, despite the vast sums involved, Kossick is finding it difficult to raise awareness in Saskatchewan about the Cameco case. “What (Cameco does) is give away money here and there so everybody thinks they’re fine,” he explains. “They are very effective at dodging public concern.”  (more...)

Who could have taught Canadian engineers these kinds of moves?

My engineering alma mater seemed to have an awful lot of crypto-fascists and proto-technocrats.

The Canadian nuclear industry has its charm:

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