4th Dec 2015 18:10
LONDON (Alliance News) - Bankers Petroleum Ltd said Friday that it has reached an agreement with the Albanian government allowing it to regain control over its Albanian bank accounts and operate under normal conditions at Patos-Marinza.
The company said it has agreed to pay a deposit of 10% of the original USD57 million tax assessment account to the tax office, along with further deposits of USD4.3 million each month during 2016, amounting to the USD57 million total.
The Canadian-based oil and gas exploration and production company in November was notified that the Albanian tax department had suspended its bank accounts in an attempt to collect USD75.0 million, increased from USD57.0 million due to interest and penalties being added to its previous tax assessment.
Towards the end of November the company said that the tax authorities in Albania had not complied with an order made by the International Chamber of Commerce to revoke the suspension placed on the company's bank accounts in the country.
Shares in Bankers closed down 21% at 61.36 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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