TOP

DAY 3: Tullow-Heritage case

By Vision Reporter

Added 10th April 2013 02:00 PM

A director for tax policy in the Ministry of Finance has been named complicit in a proposed undocumented $50m Tullow Oil company payment at the heart of allegations of impropriety revealed during court hearings that ended last week in London.

A director for tax policy in the Ministry of Finance has been named complicit in a proposed undocumented $50m Tullow Oil company payment at the heart of allegations of impropriety revealed during court hearings that ended last week in London.
 
During hearing of a case filed by Tullow against Heritage Oil, 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 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.
 
 
TRANSCRIPT OF DAY 3  BELOW
 

Day 3 Tullow Uganda Limited vs Heritage Oil.docx by The New Vision

DAY 3: Tullow-Heritage case

Related Articles

More From The Author

Related articles