Company Overview of Southgobi Sands LLC
Southgobi Sands LLC operates as a subsidiary of SouthGobi Resources Ltd.
Key Executives for Southgobi Sands LLC
President and Executive Director
Compensation as of Fiscal Year 2014.
Southgobi Sands LLC Key Developments
Court of Justice of Mongolia Declares Southgobi Sands and Three of its Former Employees Are Guilty of Tax Evasion
Feb 1 15
SouthGobi Resources Limited announced on January 7, 2015, that the Company had been informed that the re-investigation by the State Investigation Agency into alleged violations of Mongolian taxation law against three former employees of SouthGobi Sands LLC (‘SGS’), the Company's Mongolian subsidiary, and against SGS as ‘civil defendant’ had been completed and that the case had been transferred back to the Second District Criminal Court of Justice for trial. Further detail in respect of the tax investigations can be found in section 6 ‘Regulatory issues and Investigations’ of the company's Management Discussion and Analysis ("MD&A") for the three months ended September 30, 2014. The trial commenced on January 28, 2015. On January 30, 2015, the panel of appointed judges from the Second District Criminal Court of Justice found the three former employees guilty of tax evasion and gave sentences ranging from 5 years and 6 months to 5 years and 10 months of imprisonment in the correctional facilities of strict regimen in Mongolia.
Court of Justice in Mongolia Returns Tax Investigation Case Against SouthGobi Sands and Three of its Former Employees to Prosecutor General for Further Investigations
Aug 26 14
SouthGobi Resources Ltd. announced on August 11, 2014, the trial date for the tax investigation case against the company's Mongolian subsidiary SouthGobi Sands LLC (SGS) and three of its former employees was set for August 25, 2014. The trial commenced on August 25, 2014 and on August 26, 2014, the panel of three appointed judges to the case ordered the matter be returned to the Prosecutor General for further investigation due to insufficient evidence presented by the prosecutor. The company is still awaiting a written decision by the judges and will update the market accordingly. The company, including its Mongolian subsidiary SGS, has prepared its financial statements in compliance with International Financial Reporting Standards, and lodged all its tax returns as required under Mongolian tax law. The company disputes these accusations and the procedures and conclusions of the investigations that led to these accusations and will continue to vigorously defend itself and its former three (3) employees against these charges.
SouthGobi to Face Court Again over Alleged Violation of Mongolian Tax Law
Jun 26 14
An initial investigation into the allegations against subsidiary SouthGobi Sands LLC and three former employees was found to be incomplete in April by a judge of the First Instance 2nd District Court and referred back to the prosecutor general for additional investigation. SouthGobi Resources Ltd. said on June 24, 2014 that a further investigation into alleged violation of Mongolian tax law by a company subsidiary and three former employees has been referred back to court, with a trial date set for June 30, 2014. An initial investigation into the allegations against SouthGobi Sands LLC and the employees was found to be incomplete in April by a judge of the First Instance 2nd District Court and referred back to the prosecutor general for additional investigation. The company and its subsidiary have prepared its financial statements in compliance with international financial reporting standards, and lodged all tax returns as required under Mongolian tax law. The investigation has been ongoing since May 2012. The company disputed the allegations and outcomes of the investigations, saying it will vigorously defend itself and its three former employees against the charges.
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