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.
