CITIC Resources Holdings Ltd. Wins Supreme Court Appeal in Kazakhstan, No Provision for Audited Tax Claims Needed
Reuters
Jul 14
CITIC Resources Holdings Ltd. Wins Supreme Court Appeal in Kazakhstan, No Provision for Audited Tax Claims Needed
CITIC Resources Holdings Limited has announced that the Supreme Court of Kazakhstan has issued a final and binding judgment in favor of its subsidiary, KBM, regarding an appeal on the Remaining Disputed Amount from a tax audit. The initial Audited Tax Claims imposed by the local tax authority in Kazakhstan amounted to approximately KZT39.1 billion (around US$75.30 million). However, an administrative review had reduced this to approximately KZT1.57 billion (around US$3.02 million). The Supreme Court's decision, issued on June 3, 2025, absolves KBM of liability for this amount, and the Group will make no provisions related to these claims. Shareholders and potential investors are advised to exercise caution when dealing with the company's securities.
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