The Company is pleased to announce that SouthGobi Sands LLC (“SGS”), the Company’s subsidiary in Mongolia, has completely fulfilled its obligations under the previously disclosed judgment of the Mongolian Second District Criminal Court (the “Tax Verdict”) rendered against SGS in January 2015.
SGS has been informed by the Court Decision Implementation Agency of Capital City in Mongolia that the enforcement procedure in relation to the Tax Verdict has been terminated and no party shall have any right to make any further claims in connection with the Tax Verdict.
For details relating to the background of the Tax Verdict, please refer to the Company’s Management’s Discussion and Analysis for the quarter ended September 30, 2017 and, in particular, the section under the heading entitled “Governmental and Regulatory Investigations”, which is available under the Company’s profile on the SEDAR website at www.sedar.com and on the website of the Hong Kong Stock Exchange at www.hkexnews.hk.
SGS and the Company will continue to comply with the laws of Mongolia and to contribute to Mongolia’s society, economy, and environment as a whole.
President and Executive Director of SouthGobi Sands LLC Ch. Munkhbat met with Vice Chief of Cabinet Secretariat U. Byambasuren to discuss the company's completion of the payment of 35.3 billion MNT due to the state.
In 2016, Cabinet ordered the company to pay 35.3 billion MNT for unpaid taxes, with 15 billion MNT to be paid in two 2016 and 2017 installments, and the remaining 20.3 billion MNT to be paid by covering operational costs at the Tavan Tolgoi mine.
Executive Director Ch. Munkhbat noted that his company has made the payment by the government's set deadline.
The Company is pleased to announce that SouthGobi Sands LLC (“SGS”), the Company’s subsidiary in Mongolia, has completely fulfilled its obligations under the previously disclosed judgment of the Mongolian Second District Criminal Court (the “Tax Verdict”) rendered against SGS in January 2015.
SGS has been informed by the Court Decision Implementation Agency of Capital City in Mongolia that the enforcement procedure in relation to the Tax Verdict has been terminated and no party shall have any right to make any further claims in connection with the Tax Verdict.
For details relating to the background of the Tax Verdict, please refer to the Company’s Management’s Discussion and Analysis for the quarter ended September 30, 2017 and, in particular, the section under the heading entitled “Governmental and Regulatory Investigations”, which is available under the Company’s profile on the SEDAR website at www.sedar.com and on the website of the Hong Kong Stock Exchange at www.hkexnews.hk.
SGS and the Company will continue to comply with the laws of Mongolia and to contribute to Mongolia’s society, economy, and environment as a whole.
President and Executive Director of SouthGobi Sands LLC Ch. Munkhbat met with Vice Chief of Cabinet Secretariat U. Byambasuren to discuss the company's completion of the payment of 35.3 billion MNT due to the state.
In 2016, Cabinet ordered the company to pay 35.3 billion MNT for unpaid taxes, with 15 billion MNT to be paid in two 2016 and 2017 installments, and the remaining 20.3 billion MNT to be paid by covering operational costs at the Tavan Tolgoi mine.
Executive Director Ch. Munkhbat noted that his company has made the payment by the government's set deadline.