Italian authorities investigate Glencore, Portovesme pricing

Jun 11, 2013 | 02:01 PM | Mark Burton

Tags  Glencore Xstrata, Portovesme, Sardinia, Guardia di Finanza, tax evasion, zinc, lead, Mark Burton

LONDON — Tax authorities are reviewing raw material transactions between Glencore Xstrata Plc and its wholly owned Portovesme smelter on the Italian island of Sardinia, the Baar, Switzerland-based company said.

The confirmation came after Italy’s Guardia di Finanza alleged that it had uncovered a tax evasion scheme totaling more than €120 million ($159.5 million) at an unnamed lead and zinc producer on the island. ....





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