DAY 2: Tullow-Heritage case
Apr 09, 2013
During court hearings that ended last week, allegations were made that Tullow Oil officials discussed a payment of an undocumented $50m instead of the $313million they eventually paid as Capital Gains Tax to the Uganda Revenue Authority
During court hearings that ended last week, allegations were made that Tullow Oil officials discussed a payment of an undocumented $50m instead of the $313million they eventually paid as Capital Gains Tax to the Uganda Revenue Authority. The case is filed by Tullow against Heritage Oil.
The tax arose from Heritage’s sell of its interests in oil exploration blocks 1 and 3A to Tullow in 2010
URA levied a 30% Capital Gains Tax on the $1.45b transaction, demanding a payment of $434m. But Heritage only paid $121m, which forced Tullow to pay the balance of $313m to URA. In the case in London, Tullow is seeking to recover the $313m from Heritage.
HERE BELOW TRANSCRIPTS OF DAY 2 OF 11
Day 2 Tullow Uganda Limited vs Heritage Oil.docx by The New Vision