June 10, 2013 / 9:16 AM / 6 years ago

Italian police uncovers tax evasion at Glencore company - source

MILAN, June 10 (Reuters) - Italy’s financial police said on Monday it had discovered tax evasion worth more than 120 million euros ($158.65 million) at a metals producer on the island of Sardinia.

The financial authorities did not name the company, but a source close to the matter told Reuters the company is controlled by Anglo-Swiss mining giant Glencore.

The tax evasion was arranged through a system of “transfer pricing”, the police said in a statement, explaining that the Italian company would buy raw materials at an inflated price from its Swiss parent.

The Italian company has never declared any profits, but only tax losses, since its inception, the statement said. ($1 = 0.7564 euros) (Reporting by Giuseppe Fonte; writing by Isla Binnie; editing by Giselda Vagnoni)

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