Paradise Papers: Several SA companies in the spotlight
The tax affairs of several South African companies have come to light in the so-called Paradise Papers.
The leak is being described as the biggest tax leak since the Panama Papers.
It shows how the powerful and ultra-wealthy secretly invest vast amounts of cash in offshore tax havens.
The papers were leaked from Appleby, a global law firm with offices across the world.
Glencore, Illovo Sugar and Shanduka are some of the local companies named in the leak.
Amabugane journalist Micah Reddy says not all the companies named in the Paradise Papers are guilty of wrongdoing.
"With regards to South Africa, there are a number of prominent companies named in the data, not all of this implies wrongdoing or illegality. These leaks are vast and a whole lot of people and companies who were not even clients of the firm are mentioned in relation to various projects. The firm had offices across the globe."
Reddy says the leak has exposed the extent of the offshore world, where money is being hidden from the tax man.
Reddy says companies who avoid paying taxes have a negative impact on especially developing countries like South Africa.
"I think it is a huge problem it's been highlighted time and again by high level panels like (former president) Thabo Mbeki's panel on Illicit financial flows, which estimated that R50 billion was being sucked out of Africa in illicit financial flows each year. It is hugely detrimental to African economies and developing economies in general and perpetuates massive global disparities in wealth."