24th Feb 2016 14:18
LONDON (Alliance News) - Bankers Petroleum Ltd on Wednesday said it has signed an agreement with the Albanian government for a formal agreement to appoint auditors to review the company's 2011 accounts.
Bankers is dealing with an ongoing tax dispute in Albania over the country's attempt to collected around USD75.0 million in back taxes.
Bankers said it has now signed a formal deal with the Minister of Energy and Industry to appoint an international expert audit team to review its costs in 2011. The determination of this expert will be binding and Bankers' tax obligations will be recalculated based on the decision made.
"Resolving this dispute will send a great signal that Bankers and the Government of Albania are working together to encourage investment and development. We look forward to reaching an appropriate outcome, and turning our attention to continuing to manage the Patos-Marinza field for the best interest of the Government, the environment, our employees, and the local Albanian communities we serve," said Bankers President and Chief Executive David French.
Shares in Bankers were untraded Wednesday afternoon. They last closed at 54.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
BNK.L