11th May 2016 09:54
LONDON (Alliance News) - Atlas African Industries Ltd on Wednesday said the Ethiopian Revenue & Customs Authority has removed money from the bank account of an Atlas subsidiary and it will now seek its return.
Atlas African said the Ethiopian Revenue & Customs Authority has "summarily removed" around USD2.4 million from the bank account held by its TEAP Glass PLC with the Development Bank of Ethiopia. Atlas said it will now take "all available steps" to ensure these funds are returned.
"The company is investigating these matters as a matter of urgency but based on initial feedback believes that the unilateral removal of these funds was unlawful and was in breach of an agreement reached with ERCA," the company said.
Atlas African shares were down 30% to 0.21 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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