17:07:48 EDT Thu 28 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,777,956,611
Close 2020-05-29 C$ 33.11
Market Cap C$ 58,868,143,390
Recent Sedar Documents

Globe says Barrick reminded of jailed Acacia executives

2020-06-01 08:16 ET - In the News

The Globe and Mail reports in its Saturday edition that Barrick Gold is facing criticism from a prominent Tanzanian politician for not doing enough to free three employees of its Tanzanian operations who were jailed 20 months ago and allegedly used as pawns in a multiyear tax dispute between Barrick and the Tanzanian government. The Globe's Geoffrey York and Niall McGee write that in 2017, Tanzania banned former Barrick subsidiary Acacia Mining PLC from exporting gold concentrate and demanded it pay $200-billion (U.S.) in back taxes. In October, 2018, Acacia executives Deo Mwanyika, Alex Lugendo and Asa Mwaipopo were charged with money-laundering offences and imprisoned without chance of bail. At the time, Barrick owned 63.9 per cent of Acacia. Speaking to media earlier this week, Zitto Kabwe, leader of the Alliance for Change and Transparency, one of Tanzania's leading opposition politicians, said the Acacia employees were held hostage as a bargaining chip, "to put pressure on Barrick to reach an agreement." In January, Barrick finalized a pact to end the dispute. "They were supposed to be released under the agreement between the government and Barrick," Mr. Kabwe said. "The government took them as ransom."

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