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DGAP-Regulatory: Kazakhstan Kagazy PLC: 7 tax inspections of Kazakhstan Kagazy Group companies cancelled by Presidential Decree
Kazakhstan Kagazy PLC / Miscellaneous
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PRESS RELEASE
7 tax inspections of Kazakhstan Kagazy Group companies cancelled by Presidential Decree
Almaty, April 7, 2014. Tax inspections of seven Kazakhstan Kagazy ('KK') Group companies have been cancelled with effect from the 3rd of April this year. No wrongdoing has been found on the part of any of the companies.
The relevant KK Group companies are: Kagazy Investments JSC, Kazakhstan Kagazy JSC, Astana-Contract JSC, Prime Estate Activities Kazakhstan LLP, РЕАК Logistics LLP, РЕАК Akzhal LLP and Kagazy Trading LLP.
The inspections were stopped in accordance with the Decree of the RK President N. A. Nazarbayev 'On cardinal measures of improving conditions for enhanced business development' (Order No. 757 dated February 27, 2014). In accordance with the presidential decree, effective from April 2 this year, the government announced a moratorium on inspections of small and medium-sized businesses.
The CEO of Kazakhstan Kagazy PLC (the 'Company'), Mr Tomas Mateos Werner, commented: 'We welcome this action by the government to reduce the administrative pressure on businesses in Kazakhstan, and express our deep appreciation and gratitude to President Nursultan Nazarbayev for the opportunity to pursue the sustainable and steady development of the Company's business. Kazakhstan Kagazy has been and will remain a law-abiding tax payer. We further intend to play an active part in the implementation of the President's 'Kazakhstan - 2050' Strategy.
Mass inspections of Kazakhstan Kagazy were initiated in the course of criminal investigations instigated against KK Group companies in October 2013 by the prosecutor's office of Almaty oblast, on the basis of alleged tax evasion. These investigations were commenced shortly after the High Court of London maintained a freezing injunction of GBP72m (approximately $100m) against the assets of the Company's former shareholders, whom the KK Group alleges fraudulently misappropriated the Group's funds.
The Company has at all times declared that these criminal proceedings were not only groundless, but had been instigated with multiple violations of Kazakh legislation. Most notably, the inspections were commenced without any supporting evidence that KK Group companies had evaded taxes.
The KK Group conducts its business activities in accordance with the laws of the Republic of Kazakhstan and follows IFRS financial reporting requirements. Furthermore, the Group's annual consolidated accounts have been audited by PricewaterhouseCoopers since 2010.
Contact:
PRESS OFFICE OF KAZAKHSTAN KAGAZY JSC
Tel. +7 727 244 87 87
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| Language: | English |
| Company: | Kazakhstan Kagazy PLC |
| 33-37 Athol Street | |
| IM1 1LB Douglas | |
| Isle of Man | |
| Phone: | +7-727-244-87-87 |
| Fax: | +7-727-244-87-82 |
| E-mail: | Этот адрес электронной почты защищен от спам-ботов. У вас должен быть включен JavaScript для просмотра. |
| Internet: | www.kazakhstankagazy.com |
| ISIN: | US48667M2035 |
| Listed: | London |
| Category Code: | MSC |
| TIDM: | KAG |
| Sequence Number: | 1981 |
| Time of Receipt: | Apr 07, 2014 13:35:03 |
| End of Announcement | EquityStory.RS, LLC News-Service |