SouthGobi update: Mongolian tax audit developments
SouthGobi Resources (HKEX:1878) announced an update on its ongoing tax audit in Mongolia. The Administrative Court of First Instance in Ulaanbaatar dismissed a case brought by certain MTA Officials attempting to overturn a previous decision by the Tax Dispute Resolution Council (TDRC). The TDRC had concluded that a tax penalty against Southgobi Sands LLC (SGS) should be reduced from approximately US$80.0 million to US$26.5 million. The "Latest Court Order" confirmed the dismissal. While the MTA Officials have the right to appeal, SouthGobi Resources confirmed that the Re-assessment Result remains legally valid and in effect. The company will continue to provide updates to shareholders and potential investors.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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