Mongolia Energy Faces Hefty Tax Dispute

Mongolia Energy (HK:0276) has released an update.

Mongolia Energy Corporation Limited is entangled in a tax dispute with Mongolia’s General Tax Office, which has increased its tax and penalty demand from approximately $52.1 million to $119.2 million for the years 2017-2020. The company disputes the revised assessment, which is based on allegations of under-reporting sales revenues, and plans to appeal. Investors are cautioned to be prudent when dealing in the company’s shares as further announcements are pending.

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