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Magellan Petroleum Corporation Message Board

  • wildbennyheath Dec 6, 2010 4:50 PM Flag

    dirty laundry?

    Goodness! An astute gentleman named Jonah Meer has been here before me!

    " -- In February of this year( 2007 ), Magellan Petroleum agreed to settle its tax
    dispute with the Australian tax authorities relating to an audit that
    found that a subsidiary of Magellan Petroleum had claimed certain tax
    deductions that it was not entitled to. That settlement resulted in a
    payment to the Australian tax authorities of (Aus) $14.6 million (U.S.
    $13.1 million) and, consequently, caused the company to report a loss in
    its Quarterly Report for the three months ended March 31, 2008. Rather
    than take responsibility and hold someone in management accountable for
    taking these now disallowed deductions, the company attributes the tax
    dispute to aggressive actions taken by the Australian tax authorities
    and attempts to 'sell the settlement' as necessary to avoid
    'a protracted and costly legal battle' with the Australian tax

    -- Earlier this month, Magellan Petroleum publicly announced that
    shareholders can no longer rely on the financial information in the
    company's three most recent quarterly financial reports filed with
    the SEC due to certain miscalculations that caused certain expenses to
    be understated."

    One wonders if all this will affect Magellan's ability to raise capital or get requisite approvals from the Australian Government for new projects?


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