Location : Ether-Sphere
Job/hobbies : Irrationality Exterminator
Humor : ‹ber Serious
|Subject: Cairn Energy calls for return of $51m from thieving India Wed Mar 08, 2017 7:58 am|| |
|Cairn Energy has called for an immediate payout of $51m from its embattled India subsidiary as its $1.6bn legal struggle with the Indian authorities nears its final chapter.|
The two year dispute has saddled the loss-making oil producer with spiralling legal costs, and foiled Cairn's plans to sell off its remaining 10pc stake in Cairn India worth around $800m.
The company told investors on Wednesday that the Indian government has now submitted its full claim for retrospective taxes and that $51m of previously restricted dividends have been released. It has requested that the sum is returned immediately.
Simon Thomson, Cairnís chief executive, said he remained confident that the outcome of the dispute, due next January, will be in Cairnís favour.
ďAs far as international arbitration goes weíre very pleased with the rate of progress that is being made," he said. "The dividend may not be a huge sum but it is a help in strengthening our finances and it shows progress. Itís $1bn in total that we hope to reclaim so that would be significant."
Anarcho-Capitalist, AnCaps Forum, Ancapolis, The Dark Side, Post-Apocalypse, OZschwitz Contraband