Business
VAT Refund
VAT Refund.
About this update from Kazera Global Plc
[{"type":"text","content":"\n RNS Number : 8156P KazakhGold Group Ltd 23 July 2010 \n \n\nFOR IMMEDIATE RELEASE\n \n23 July 2010\n \nKazakhGold Group Limited\n \n \nKazakhGold Refunds $32 million VAT to the Republic of Kazakhstan Budget\n \nKazakhGold Group Limited is pleased to announce that its subsidiary AO \"GMK \"Kazakhaltyn\" has today voluntarily refunded VAT worth 4.667.039.475 tenge (around $32 mln) to the Republic of Kazakhstan budget. The funds were provided by the controlling shareholder of KazakhGold Group Limited - Russia's largest gold producer \"Polyus Gold\".\n \nThe VAT was previously illegally refunded out of the state budget by the former management of the enterprise during 2007-2009 based on fictitious contracts. These contracts served as the basis for illegal payments out of the Company and the Kazakhstan economy.\n \nAt present, the illegal actions of the former management of KazakhGold are subject to legal proceedings at the High Court in London.\n \nThe management of KazakhGold Group Limited previously stated their willingness to return these illegally obtained funds to the Kazakhstan budget and to invest in the Republic of Kazakhstan economy.\n \nEnquiries:\n \nAlexey V. Chernushkin, Director, CM and IR\nEvguenia V.Buydina, IR manager\n+44 (0) 208 528 1450\n+44 (0) 208 528 1020\n [email protected] \n \nAnton A. Arens, PR Director\n+44 (0) 208 528 1450\n+44 (0) 208 528 1020\n [email protected] \n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEAXXDAFKEEEF \n ","length":3301,"tagName":"div"}]