Food market bets, Swiss tax flows & hidden gold – Follow the Money
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Dear readers,
This week, our colleagues at Follow the Money said goodbye to Karin Spaink, an editor who helped shape our international outlet from the beginning. She fought tirelessly for digital civil rights and believed that complex stories should be written sharply, clearly, and without compromise. Earlier this week, we honoured her in a farewell interview.
Our reporting this week investigated how a Dutch supermarket giant channels millions of euros through Switzerland using a controversial tax structure, and how investors are betting billions on rising food prices amid the war in Iran. We also released a podcast on Senegalese community leaders caught up in an EU-funded migration crackdown.
Elsewhere, partner investigations uncovered Danish pension investments in a UAE-linked developer despite a human rights blacklisting, and traced a missing €36 million gold fortune tied to Germany’s far right.
Here’s your weekly investigative briefing.
Dutch supermarket giant posts big profits in low-tax Switzerland – where it has no shops
Despite having no stores in Switzerland, supermarket giant Ahold Delhaize made hundreds of millions of euros in profit there last year. Money flows to Geneva in various forms, from royalties to interest payments and insurance premiums.
The reason for this seems straightforward: the Dutch company pays far less tax there than it would at home in the Netherlands. But the arrangement is under scrutiny from tax experts. “Why on earth should the profits end up there?”
Since beginning of Iran war, traders have ramped up bets on rising food prices
While tens of millions of people face an increased risk of hunger due to the war in Iran, investors are betting billions on rising food prices. Since the conflict began, $8.6 billion has been bet on higher wheat, corn, and soy prices on the Chicago commodities exchange.
The blockade of the Strait of Hormuz is driving up fertiliser, energy, and transport costs. As a result, global food production and food affordability are coming under severe pressure.
Podcast: From community leaders to suspected smugglers
For years, Senegalese community leaders Cheikh Sy and Njouda Ndiaye warned people about the deadly risks of migration to Europe. Then they themselves were arrested for migrant smuggling. Reporter Andrei Popoviciu uncovered that their case is part of a wider EU-funded crackdown on migration.
From friends of FTM:
Danish pension funds invested in UAE property giant despite blacklisting
Danwatch found that Danish pension funds AP Pension and Industriens Pension invested nearly 11 million kroner (€1.47 million) in Aldar Properties, a luxury developer majority-owned by Emirati state funds. The investments were made despite the funds’ decision to blacklist the United Arab Emirates over human rights concerns. Experts warned that the investments could undermine the credibility of the funds’ ethical policies.
Where is a German far-right party’s €36 million gold fortune?
CORRECTIV tracked the journey of 278 kilogrammes of gold left to Germany’s far-right AfD party by a millionaire in 2018. By analysing court documents and official records, the reporters found that some of the gold was moved through Germany, Luxembourg, and Liechtenstein. Despite this, the location of most of it remains unknown. The investigation has raised questions about loopholes in Germany’s political finance transparency rules.
Inside one of the deadliest attacks on journalists in recent years
IrpiMedia investigated a September 2025 Israeli airstrike on Yemen’s capital, Sana’a, which killed 31 journalists and dozens of other civilians. Drawing on CCTV footage, bomb fragments, survivor testimonies, and on-the-ground reporting, journalists examined the strike on a compound housing two newspapers and media offices linked to the Houthis, the Iran-aligned group controlling much of northern Yemen. According to the Committee to Protect Journalists, it was one of the deadliest attacks on the press globally in recent years.
Video of the week:
Journalist Dylan Carter explains how Europe’s flower industry profits from genetic material and cultural heritage taken from countries like Mexico, while local communities often receive little in return. Using a Mexican flower as an example, he explores how European companies commercialise plants deeply tied to cultural identity and history. Listen to the full podcast on his investigation into Europe’s flower empire here.
Until next week
As always, thanks for reading and supporting independent journalism. Next week, we’re heading to Mechelen for Dataharvest, the European Investigative Journalism Conference. We look forward to seeing many of our partners and friends there!
Stay tuned: our next Crime & Corruption newsletter lands next Wednesday. Subscribe here.
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