CDEDI Demands Explanation on Illovo Sugar Prices
The Centre for Democracy and Economic Development Initiatives (CDEDI) says Illovo Sugar of Malawi needs to explain why its sister companies outside the country buy sugar at a lower price than the one Malawians pay for.
CDEDI executive director Sylvester Namiwa says for example; Illovo’s sister companies buy 1 tone of sugar at 500 US dollars, whereas Malawians buy the same quantity at 1250 US dollars.
He suspects the company of engaging in what he calls as transfer pricing, calling on the Malawi Revenue Authority (MRA) to investigate the matter.
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