Legal Proceedings Report • Jul 2, 2014
Legal Proceedings Report
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Amsterdam, the Netherlands / 1 July, 2014 19:30 PM
OCI N.V.'s (NYSE Euronext: OCI) subsidiary, OCI S.A.E., has appealed a preliminary ruling against the Company in a lawsuit filed by the Egyptian Tax Authority (ETA) challenging the non-payment of the second instalment of the tax claim raised by Egypt's previous regime. As a result of the appeal, the ruling was suspended and rendered unenforceable immediately following the ruling.
The lawsuit was filed by the ETA prior to the Prosecutor General's decision N0. 21/2014 issued on 18 February 2014 acquitting OCI S.A.E. of any wrongdoing and of any violation of Egypt's tax laws, and thus did not take this decision into consideration. Based on the Prosecutor General's decision, the Company is continuing to challenge the tax claim. A court hearing is scheduled for 7 July 2014.
OCI N.V. is a global producer of natural gas-based chemicals and an engineering & construction contractor based in the Netherlands. The Fertilizer & Chemicals segment produces nitrogen fertilizers, methanol and other natural gas based products, serving agricultural and industrial customers from the Americas to Asia. We rank among the world's largest nitrogen fertilizer producers with current production capacity of nearly 7 million metric tons in the Netherlands, the United States, Egypt and Algeria. We are also the largest merchant methanol producer in the United States. The Engineering & Construction segment provides international engineering and construction services primarily on infrastructure, industrial and high-end commercial projects in the United States, Europe, the Middle East, North Africa and Central Asia for public and private clients. It ranks among the world's top global contractors. OCI N.V. employs more than 72,000 people in 35 countries and is listed on Euronext in Amsterdam.
Hans Zayed Director Email: [email protected]
Erika Wakid Email: [email protected]
Tel: +31 (0) 6 18 251 367
For additional information on OCI N.V.:
OCI N.V. stock symbols: OCI / OCI.NA / OCI.AS / OCINY
Mijnweg 1, 6167 AC Geleen, The Netherlands
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