20th Nov 2015 14:35
LONDON (Alliance News) - Bankers Petroleum Ltd on Friday said it has applied for an injunction through the International Chamber of Commerce to provide protection against the enforcement of an Albanian tax assessment until the conclusion of a third-party international audit.
On Thursday, Bankers was notified that the Albanian tax department has suspended the use of the company's Albanian bank accounts used to pay local suppliers in an attempt to collect USD75 million in outstanding tax.
The tax assessment originally stood at USD57 million, but has increased due to interest and penalties.
Bankers is undergoing a third-party international audit process after securing a commitment from the Albanian National Agency for Natural Resources.
"An ICC injunction will allow the process in its entirety to be handled independently in accordance with acceptable international principles. It is Bankers' expectation that the Albanian government will comply with any international ruling and support the outcome of the third-party audit process," Bankers said in a statement.
Shares in Bankers Petroleum were untraded on Friday, last quoted at 95.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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