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OCI N.V.
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Publicatie datum
04 mrt 2013 - 00:04
Statutaire naam
OCI N.V.
Titel
OCI Comments on Recent Statements from Sources in the Egyptian Government
Bericht
OCI N.V.’s subsidiary Orascom Construction Industries (OCI), in response to articles published by several websites commenting on recent statements from several identified and unidentified sources within the Egyptian government, confirmed that it has received no formal notification about a travel ban on its current Chairman and Chief Executive Officer Nassef Sawiris and former Chairman Onsi Sawiris pending confirmation of allegations of tax evasion in Egypt.
In light of these statements, the company would also like to clarify the following:
• The Egyptian Tax Authority has submitted a tax claim to the company to pay EGP 4.7 billion (through Tax Form 19) related to the sale of Orascom Building Materials Holding (OBMH) to Lafarge SA in 2007
• To date, the company has received no additional claim with any different tax liability related to the sale
• In accordance with paragraph 8 of article no. 50 of law no. 91 of 2005, all capital gains resulting from the sale of shares listed on the Egyptian Stock Exchange (EGX) are tax exempt; consequently the sale of OBMH to Lafarge SA in 2007 is exempt of any capital gains tax
• On January 13 2013, and in accordance with the aforementioned law, the company filed an appeal with the Egyptian Tax Authority’s Appeal Committee challenging the claim in Tax Form 19. Such an appeal is permitted under article no. 119 of law no. 91 of 2005. At present the appeal is under review by the committee
The company is confident of its tax position and is confident that it did not violate any laws pertaining to the sale. The company is presently awaiting the Egyptian Tax Authority’s Appeal Committee’s final decision and will publish updates in due course.
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Datum laatste update: 06 oktober 2024