Business

How Vale avoided paying USD 6 billion in taxes

How Vale avoided paying USD 6 billion in taxes
Vale is the world’s biggest producer of iron ore and pellets

Speaking before Congress in February, Fabio Schvartsman, the CEO of mining giant Vale, called his company “a Brazilian jewel.” He was making the case for the firm to avoid punishment for the Brumadinho dam collapse—which he called a “tragic accident”—though Vale was aware of the dam’s fragile security conditions months before the accident and benefited from decades of financing political campaigns in exchange for lax regulations.

Apparently, though, this “Brazilian jewel” has more issues than just frail engineering. A study by the Fiscal Justice Institute, a...

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