Noranda Income Fund Unit NNDIF

taxation for NIF in Canada

[pecorina]

Armcorp, Glecore being an offshoot of the old Marc Rich and Phibro concept, you may
well assume that taxation is the prime motivator for all those offshore dealings, i.e.
Transfer Value of merchandise.

NIF is a blatant example;
- 100 % of raw material (concentrate) controlled by Glencore in Swiss
- 100 % of sales (proceeds) controlled by Glencore as "exclusive
    marketing agents" in Switzerland
-  revenue (treatment charges) to the Canadian plant being 100 % dictcated by
  Switzerland
Why can this happen? The Board is totally at the mercy of Glencore - if there
is any hope for the future, the entire Board requuires to be ditched at the
next AGM. -- Do the institutional holders including TDBank go along with this?
We shall see.

The above cenario, does not leave anything  for the "in  betweens" like
minority shareholders, the workers and the Canadian tax office  as a con-
squence of the commercial encirclement and gradual strangulation by the 
Glencoree clique offshore. - A genuine case of minority oppression. -

Interestingly, CRA have shifted their attention to offshore profit tansfer
like the current Silver Wheaton legal action.  NIF/Glencore deserves similar
attention. The trouble is that minority shareholder would foot the legal defense
bills whilst the global zinc market fixers in Zug watch with great amumsement.

As a next step, the entire Board needs to be replaced on April 28. If Glencore
has any common sense, to get out of this forthcoming dilemma, they would
produce a decently priced take out offer. Queston: can they overcome their
brutaliity and ruthlessness as inheritors of PHIBRO and March Rich?

Ciao
Tina