AnCaps
ANARCHO-CAPITALISTS
Bitch-Slapping Statists For Fun & Profit Based On The Non-Aggression Principle
 
HomePortalGalleryCalendarFAQRegisterLog in
 

 Cairn Energy calls for return of $51m from thieving India

View previous topic View next topic Go down 
AuthorMessage
CovOps

avatar

Female Location : Ether-Sphere
Job/hobbies : Irrationality Exterminator
Humor : ‹ber Serious

PostSubject: 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."

http://www.telegraph.co.uk/business/2017/03/08/cairn-energy-calls-return-51m-india/
_________________
Anarcho-Capitalist, AnCaps Forum, Ancapolis, The Dark Side, Post-Apocalypse, OZschwitz Contraband
Back to top Go down
 

Cairn Energy calls for return of $51m from thieving India

View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
 :: Anarcho-Capitalist Categorical Imperatives :: AnCaps' Laissez-faire Free Trade Zone-