30th Nov 2015 13:07
LONDON (Alliance News) - Bankers Petroleum Ltd on Monday said tax authorities in Albania have 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.
The ICC ordered the Albanian tax department to revoke the suspension placed on Bankers' accounts a week ago. The 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.
Bankers had expected the ICC order to be put into effect by local authorities immediately, but this has not happened.
As a result, Bankers said it has been forced to consider a phasedown of its operations in Albania as the lack of access to its bank accounts has hindered is ability to pay local contractors, import goods and export oil.
Bankers said that though communications it has received from various Albanian government representatives, it has received assurances the government does not intend to comply with the ICC order. The company said it remains hopeful a resolution to the issue will be found before any further disruption to its operations occurs, as it believes the government will eventually comply with the order to ensure continued participation in the ICC Tribunal process.
Shares in Bankers were untraded on Monday, having last traded at 92.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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