Global Telecom receives court order to pay Atheer Telecom USD60mn in tax claims and cUSD7.75mn in accrued interest
Global Telecom Holding (GTH) [GLTDQ.L] has received a court order to pay USD60mn to Atheer Telecom Iraq Limited (Atheer) in tax claims, in addition to cUSD7.75mn in accrued interest and an interim payment of GBP1.25mn (cUSD1.54mn) for legal costs pending submission of a detailed cost schedule by Atheer. Payment is to be made by 15 March 2017. The trial court judge denied the company’s request for leave to appeal and did not stay enforcement pending appeal. The company, which expects to seek leave to appeal from the court of appeal, must make its application on or before 22 March 2017. The dispute is regarding the 2007 sale of Iraqna, GTH’s Iraqi subsidiary at the time, which Atheer had paid certain taxes on. Atheer initially claimed USD280mn, but the claim was later reduced to USD60mn.
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