Leading agricultural firm Bung Limited moves its headquarters from Bermuda to the tax haven of Switzerland, joining a group of commodity traders. Bung, the world’s largest oilseed crusher, and other crop traders are earning huge profits due to supply problems due to the war in Ukraine. Switzerland is a known corporate tax haven as it has lower tax rates for individuals and society. Louis-Dreyfus, Risen, Archer Daniels, Midland, Chiquita and now Bong have offices or representations there.
Bung officials said they “made the change after an extensive review of their business operations and emerging trends in the global tax environment.” The company added that its shares will continue to trade exclusively in New York and St. Louis will remain its headquarters.
The company recently left Russia and bought more fracking capabilities in Europe and South America to strengthen its supply chain. The decision to relocate also comes after Continental’s Paul Friborg left his seat on the board of Bunge administration.
