Vitol Negotiates With U.K. Authorities on Back Taxes: Times

Vitol Group has opened negotiations after Her Majesty’s Revenue & Customs demanded back taxes, the Sunday Times reported. * Vitol’s case involves use of an offshore employee benefit trust * Vitol Chief Executive Officer Ian Taylor says “We will have to pay something. We will work hard to do what is best for our employees, but we must abide by the legislation,” newspaper reports * HMRC declines to comment on case, Sunday Times reports

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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