The Indian tax evasion went from 3,000 Rs to 13,000 Rs last night. The story is hard to find, but if you google Nokia tax evasion you'll find it. 3,000 Rs = 545 Million apparently, so the fine is approx 2.36 billion USD. I'm not a basher, i was long 20,000 shares until i read this news. Look it up yourself.
Your assuption may be wrong for 2 reasons: (1) Your numbers appear to be off by an order of magnitude. I think the allegation is that a 10% tax should have be paid on 25,000 crore which is 2,500 crore ($586 million); and (2) Nokia was allegedly following the advice of Price Waterhouse, so Price Waterhouse may be on the hook for any penalties.
tax evasion. i really doubt that!! sounds like some crooks trying to shake nokia down. the right response is to tell them to f... themselves, take us to court,. we will be happy to see you there. magnus....(old lawyer)
It reminds me of American lawyers for some clients who would sue xyz parties for 750 million dollars, so they can get a counter offer of 1/3 or 1/2 of the amount they are asking for in a short period of time. The Indian tax evasion story is the same.
If you go to Mexico and get stop by the cops, they would say you violate abc, but if you have cash, you can say: "Would $$$$ help to "pay" for the offense"?
Don't think Vietnam nor other Asia countries who would NOT do the same thing, when foreign companies invest heavily in their countries. These "corrupted" countries know major companies can NOT just pull their plants to move without losing their shirts especially they are public companies like NOK.
In USA, we would have to change the words "corrupted, bribery" to "lobbyist". There you have it.
NOK will settle x dollars to get this "tax issue" go away for now till the next "tax issue thing", when the "official" needs some more money for something else.
Do you see Indian or any "corrupted countries" pick on public companies that have little or NO money?
We have a serious problem Huston 2 billion in taxes for the Indians....and there is no word from management, maybe they dont know how this is going to play out either! Im not sticking around to find out.
apparently you, with that question.
He is right! It's just options experiation day. And a negative market sentiment in a whole.
Tomorrow and next weeks will be UP, don't let them freigthen you!
Sentiment: Strong Buy
I am trying to encoiurage investors to be buying and not selling out. I am long. Nokia is a winner for 2013. Cramer always talks from both sides of his mouth. First upgrades and then a day later he bashes????? Can't take his guidance. We have to rest on the assurance that Nokia has made a profit and will continue to make a profit for 2013. CEO Stephen Elop did say in a video that Nokia will be making profits throughout 2013. Most of the people on this messageboard are daytraders and bashers and have no interest in Nokia.
Sentiment: Strong Buy