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Nokia Corporation Message Board

  • planetsaggs planetsaggs Dec 2, 2013 5:24 PM Flag

    Nokia Corporation (NOK)’s $361M Tax Payment Offer To India Rejected



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    • lol Nokia been very very smart handling this. Please understand that the Nokia Indian subsidiary is a separate corporate entity. The mother company is not responsible for any of its tax liabilities.

      If you read the reports carefully, the Indians are very very angry because after the high court unfroze the bank accounts, nokia india paid mommy nok a huge $600M dividend for the past 18 years.

      So now all the liquid cash of nokia india is gone, only whatever hard asset, such as the plant, remains in india is vulnerable to the Indian's tax extortion scheme. Nokia invested I believe 150-200m total in that indian plant, and that's pretty much what nokia is now offering. The Indians can take it or leave it. If they refuse, nokia will just bankrupt the indian subsidiary, and the Indians are left with an obsolete plant they can try to sell for scrap metal. You wont see a higher offer from nokia to settle this imo, because I think the offered amount is the current market value of all remaining assets of the indian sub.

      Expect that huge dividend to be realized on nokia's books this q4, should be a nice bump in EPS for nokia.

    • thermonuke Dec 2, 2013 8:30 PM Flag

      "Why did you transfer Rs. 3,500 crore abroad? Was it not your intention not to keep liquid assets here? You had Rs. 4,100 crore cash here (dividend and tax combined). You repatriate it.

      I would sooner make deals in Israel than deal with a speculative, acquisition-ignornant, stone-age greedy suspicious natiion such as India, dictating about as a King what your cash can do.

      So this is stemmng from Nokia moving cash back to Nokia, when that cash is not part of the sale to MSFT. In other words, MSFT did not buy the cash sitting in India. What a bunch of clowns. Greedy ignorant suspicious clowns.

      Most heartbreaking is Nokia's seeming willingness to meet the original demands. Well sorry Nokia, looks like you are dealing with gangsters that want to change rules when you come to the table.

      More than one of us here on this board said to SHUT IT DOWN so long ago back in January when this all came about,

      • 1 Reply to thermonuke
      • thermonuke Feb 12, 2014 12:34 PM Flag

        More nonsense developments today, back-peddling, thieving, forget India's garbage business environment. If I call a business and get "Arnold" on the phone with an Indian accent to help me I'm not doing business with that company anymore. Down with Indian information technology services, maybe they will tax you for being on the phone!!

    • What amount does the tax payment need to be? I searched for a favorable amount but couldn't find one. Thoughts? Thanks

      Sentiment: Hold

6.91-0.07(-1.00%)Oct 12 4:02 PMEDT