EnergyWatch

Transocean acquitted in protracted case about dividend taxes

A Norwegian appeal court has sided with Transocean in a drawn-out case concerning the alleged evasion of taxes on dividends paid through a company in Denmark to the Cayman Islands.

Photo: GDFSuez

Drilling rig company Transocean, which is based in Switzerland and listed in New York, has been acquitted at a Norwegian court in a protracted case concerning alleged tax evasion in relation to dividend taxes. With the acquittal, Transocean avoids having to pay close to NOK 400 million, or around USD 47 million, back to the Norwegian state coffers, according to several media reports.

Two years ago, Transocean was acquitted in the same case, which was run as a criminal case filed by Norwegian police, and following which the Norwegian tax authorities were sentenced to pay close to NOK 42 million (USD 5.1 million) in damages to the rig company and its two laywers. The Norwegian prosecutor announced recently that it will not appeal the decision.

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