Court of Chad has fined ExxonMobil $74 billion for tax evasion

MOSCOW, October 6 — RIA Novosti. The court Chad put us oil giant ExxonMobil, a record penalty on 74 billion dollars for tax evasion, and demanded to compensate 819 million dollars in royalties which the company owes to the state, reports Bloomberg, citing court records.

The Agency notes that the penalty is more than five times larger than the GDP of Chad, which, according to world Bank estimates, is $ 13 billion.

This decision was made in response to the complaint of the Ministry of Finance of Chad on outstanding tax liabilities ExxonMobil.

“We do not agree with the decision of the court of Chad and think about our future actions”, — quotes Agency the words of the representative of ExxonMobil Todd Spitler (Todd Spitler).

Exxon operates the pipeline, which carries oil from Chad to the marine terminal in Cameroon for export.

ExxonMobil is the largest private oil company in the world and one of the largest by capitalization. Russian company involved in the project “Sakhalin-1” (30% in Japanese Sodeco and ExxonMobil, 20% of Rosneft and India’s ONGC) to develop oil and gas fields, Chayvo, Odoptu and Arkutun-Dagi offshore Sakhalin. According to the financial statements of ExxonMobil, its net profit in the first half of 2016 fell 2.6% in annual terms and amounted to 3,51 billion.