{"id":598825,"date":"2019-06-10T04:00:06","date_gmt":"2019-06-10T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/veon-agrees-to-pay-egp-2-2-bn-to-settle-gths-tax-dispute\/"},"modified":"2019-06-10T04:00:06","modified_gmt":"2019-06-10T04:00:06","slug":"veon-agrees-to-pay-egp-2-2-bn-to-settle-gths-tax-dispute","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/veon-agrees-to-pay-egp-2-2-bn-to-settle-gths-tax-dispute\/","title":{"rendered":"Veon agrees to pay EGP 2.2 bn to settle GTH\u2019s tax dispute"},"content":{"rendered":"

<\/a> EXCLUSIVE- Veon looks set to pay up to EGP 2.2 bn to settle Global Telecom Holding\u2019s tax dispute in Egypt:<\/b> Telecom group Veon<\/a> has agreed in principle to pay as much as EGP 2.2 bn to end a tax dispute between Egypt\u2019s Tax Authority and Veon subsidiary Global Telecom Holding (GTH). A final agreement could come as early as mid-month, two senior government officials told Enterprise. The settlement will be paid in two installments, one after the signing and another after Veon\u2019s MTO for the 42.3% of GTH<\/a> that it doesn\u2019t already own. The said Veon will make the payment in USD. Veon recently took over negotiations on behalf of GTH and was advised in the talks by Shalakany Law Firm.<\/p>\n

Background: <\/b>The Egyptian Tax Authority ordered a seizure<\/a> of EGP 990 mn in funds from GTH\u2019s local bank accounts in 2018 over a 2016 tax dispute. Some market observers have claimed the ongoing dispute \u2014 which has embroiled both retail investors and a handful of \u201cactivist\u201d institutional investors \u2014 has obstructed Veon\u2019s efforts to take over its unit and led it to withdraw an earlier MTO<\/a>. The status of GTH is widely seen as an \u2018overhang\u2019 on the stock exchange, settlement of which could release new liquidity into the market as smaller shareholders agree to sell to Veon.<\/p>\n

On a related note: <\/b>GTH\u2019s board postponed the general assembly that was planned for yesterday to vote on a rights issue for a capital increase that was supposed to take place in lieu of the withdrawn MTO till 27 August, the company said in a bourse filing (pdf)<\/a>.<\/p>\n

Corrected on 10 June 2019<\/em><\/p>\n

Sarie Eldin & Partners acting as advisers to Veon was corrected to Shalakany Law Firm.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Veon looks set to pay up to EGP 2.2 bn to settle Global Telecom Holding\u2019s tax dispute in Egypt: Telecom group Veon has agreed in principle to pay as much as EGP 2.2 bn to end a tax dispute between Egypt\u2019s Tax Authority and Veon subsidiary Global Telecom Holding (GTH). A final agreement could […]<\/p>\n","protected":false},"author":1,"featured_media":598826,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[214,72,9102,125,2380,69,10363,11239],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-cit","tag-enterpriseam","tag-global-telecom-holding","tag-investment-watch","tag-speed-round","tag-tax","tag-tax-dispute","tag-veon-holdings","wpautop","entry"],"acf":{"mongo_id":"bb2be0ab-dcd4-4490-8406-b6faecf129c4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/1049.jpg","photo_position":"above","related_issue":[598820],"teaser":"","voice_url":""},"yoast_head":"\nVeon agrees to pay EGP 2.2 bn to settle GTH\u2019s tax dispute - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/veon-agrees-to-pay-egp-2-2-bn-to-settle-gths-tax-dispute\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Veon agrees to pay EGP 2.2 bn to settle GTH\u2019s tax dispute\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Veon looks set to pay up to EGP 2.2 bn to settle Global Telecom Holding\u2019s tax dispute in Egypt: Telecom group Veon has agreed in principle to pay as much as EGP 2.2 bn to end a tax dispute between Egypt\u2019s Tax Authority and Veon subsidiary Global Telecom Holding (GTH). 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Shareholders offered\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598428,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egypts-tax-authority-agrees-to-egp-2-bn-settlement-in-global-telecom-dispute\/","url_meta":{"origin":598825,"position":3},"title":"Egypt\u2019s Tax Authority agrees to EGP 2 bn settlement in Global Telecom dispute","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"EXCLUSIVE- Global Telecom could pay EGP 2 bn to end tax dispute: The Tax Authority is nearing an agreement with emerging markets telecom operator Global Telecom Holding (GTH) to end a multi-bn dispute over taxes and penalties, two government sources tell Enterprise. The agreement could see the company pay EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629909,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/04\/veon-withdraws-mandatory-offer-to-purchase-remaining-stake-of-global-telecom\/","url_meta":{"origin":598825,"position":4},"title":"Veon withdraws mandatory offer to purchase remaining stake of Global Telecom","author":"enterpriseam admin","date":"4 April 2018","format":false,"excerpt":"M&A WATCH- Veon withdraws EGP 15 bn bid for Global Telecom: Amsterdam-based Veon Holdings withdrew a mandatory offer to purchase the 42.3% of Global Telecom Holding (GTH) that it doesn\u2019t already own, according to regulatory filing from GTH (pdf). Veon, which owns 57.7% of GTH, said it withdrew the offer\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594916,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/11\/gth-finishes-paying-usd-136-mn-settlement-to-tax-authority\/","url_meta":{"origin":598825,"position":5},"title":"GTH finishes paying USD 136 mn settlement to Tax Authority","author":"enterpriseam admin","date":"11 September 2019","format":false,"excerpt":"DISPUTE WATCH- GTH finishes paying USD 136 mn settlement to Tax Authority: The dispute between Global Telecom Holding (GTH) and the Tax Authority finally came to a close yesterday after GTH finished paying its USD 136 mn tax settlement, the authority said in a statement picked up by Mubasher. GTH\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=598825"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598825\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598826"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598825"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598825"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}