Atlas African Industries Limited Ethiopian Update (8569X)
11 Mayo 2016 - 1:00AM
UK Regulatory
TIDMAAI
RNS Number : 8569X
Atlas African Industries Limited
11 May 2016
Atlas African Industries Limited / Ticker: AAI / Index: AIM and
NSE / Sector: Support Services
11 May 2016
Atlas African Industries Limited
('Atlas' or the 'Company')
Ethiopian Update
Atlas (AIM, NSE: ADSS) hereby provides an update regarding
recent action taken by the Ethiopian Revenue and Customs Authority
("ERCA") in relation to Atlas and its Ethiopian subsidiary, TEAP
Glass PLC ("TEAP").
ERCA's actions against Atlas and TEAP which are detailed below
stem from a recently issued tax claim made against Ardan Risk &
Support Services ("Ardan") which relates to periods prior to Atlas'
involvement with Ardan (2010-2013). Atlas has received local legal
advice that neither it nor TEAP has any liability for any such
taxes under Ethiopian law.
The Company has been advised by its local team in Addis Ababa
that on 10 May 2016, ERCA summarily removed approximately US$2.4m
from TEAP's bank account with the Development Bank of Ethiopia.
Atlas will take all available steps to ensure that the Company's
funds are returned.
The Company is investigating these matters as a matter of
urgency but based on initial feedback believes that the unilateral
removal of these funds was unlawful and was in breach of an
agreement reached with ERCA.
The Board assures shareholders that it will take all available
steps to ensure that the Company's funds are returned and the Board
is currently exploring legal, diplomatic and political routes in
order to seek redress.
A further announcement will be made in due course.
** ENDS **
For further information please visit www.atlassupport.com or
contact:
Carl Esprey Atlas Tel: +44 (0)
20 7408 9200
Callum Stewart Stifel Nicolaus Tel: +44 (0)
Europe Limited 20 7710 7600
Ashton Clanfield Stifel Nicolaus Tel: +44 (0)
Europe Limited 20 7710 7600
Edward Burbidge Burbidge Capital Tel: +254 (0)
202 100 102
Susie Geliher St Brides Partners Tel: +44 (0)
Ltd 20 7236 1177
Charlotte St Brides Partners Tel: +44 (0)
Heap Ltd 20 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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