Polymetal Int PLC (POLY) - Kazakh court ruling on 2008-2010 disputes RNS Number : 6279Q Polymetal International PLC 08 November 2012 Release time IMMEDIATE Date 08 November 2012 Polymetal International plc Kazakh court ruling on 2008-2010 disputes Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC "Polymetal" - "Polymetal", the "Company", or the "Group") announces that on November 5^th the Kostanay regional court in Kazakhstan issued a ruling supporting the tax authorities and requiring the Group to pay approximately US$19 million in additional taxes. On November 5^th, 2012 the Kostanay regional court (Kazakhstan) issued a ruling on the tax dispute between JSC Varvarinskoye, a subsidiary of the Group, and the Kazakh tax authorities. Additional corporate profit tax of approximately US$14 million has been charged to JSC Varvarinskoye. An additional fine will be charged at the maximum amount of 50% of the initial amount which will increase the total amount to be paid to approximately US$19 million. The dispute reflected varying opinions of the Group and the tax authorities on tax deductibility of non-cash foreign exchange losses and oftransportation, treatment and refining charges levied by copper concentrate off-takers. Polymetal will review its options for further legal redress in due course. No provision had been set aside in the financial statements for this settlement as of June 30, 2012. Full amount of approximately US$19 million will be reflected as an expense in the financial statements for FY2012. Enquiries Media Investor Relations College Hill +44 20 7457 Polymetal email@example.com 2020 Leonid Fink Maxim Nazimok Tony Friend Evgenia Onuschenko +7 812 313 5964 (Russia) Elena Revenko +44 20 7016 9503 (UK) Joint Corporate Brokers Morgan Stanley +44 20 7425 Canaccord Genuity +44 20 7523 8350 8000 Sam McLennan John Prior Sandip Patodia Roger Lambert FORWARD-LOOKING STATEMENTS THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED This information is provided by RNS The company news service from the London Stock Exchange END MSCUGGWAGUPPUQR -0- Nov/08/2012 07:00 GMT
Polymetal Int PLC POLY Kazakh court ruling on 2008-2010 disputes
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