25 May 2012

Max receives £8.2m Kazakh tax rejection

28/04/2011 Ben Jaglom

Max Petroleum (MXP), the Kazakhstan-focused oil and gas explorer has had its appeal against a claim the local tax authorities rejected.

The AIM-quoted concern says the Court of Cassation, a division of the Almaty City Court in Kazakhstan, has rejected Max's appeal against the payment of $13.7 million (£8.2 million), due to what the court described as a 'procedural technicality.' As a result Max will now be appealing further to the Supreme Court in Kazakhstan. However as a result of the Court of Cassation's decision, the tax authorities now have a right to claim the money, though if the Supreme Court appeal is successful this will have to be paid back to Max.

Following the news shares in Max have slipped one penny to 16.75p. An ongoing case, the decision does little to change our previous hold rating that we assigned Max in February of this year. We would however advise shareholders to keep a close eye on developments.

Tags: Almaty City Court, Court of Cassation, Court ruling, Kazakh law, Tax claim

Sector: Oil & Gas Producers

Companies: Max Petroleum

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