London’s ‘light touch’ regulatory hub for African oil ventures exposed

DeSmog UK investigation finds secretive companies using UK’s Alternative Investment Market to raise finance for new oil and gas projects

Have you ever strolled through Mayfair and wondered where all the money comes from?

With the economy slumping as the government clings on to the idea that its austerity policy works, it surely can’t be coming from these shores.

Well, you’d be right.

A major new investigation published by DeSmog UK has identified a hub of a dozen companies based around Mayfair, drilling for oil in Africa, and making use of tax-havens in British overseas territories and crown dependencies such as the British Virgin Islands, the Cayman Islands and Jersey.

DeSmog UK’s Empire Oil investigation shows these companies are using the secrecy laws of offshore accounts while…

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