{"id":602496,"date":"2019-03-28T04:00:26","date_gmt":"2019-03-28T04:00:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/"},"modified":"2019-03-28T04:00:26","modified_gmt":"2019-03-28T04:00:26","slug":"global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/","title":{"rendered":"Global Telecom unable to pay EGP 5 bn in due taxes amid company losses"},"content":{"rendered":"<p>Global Telecom Holding (GTH)\u2019s general assembly yesterday voted to continue operations despite losses that have surpassed 50% of shareholders\u2019 total equity as the company recorded losses of USD 64.7 mn last year. <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/27\/gth-board-approves-rescheduling-of-usd-100-mn-loan-from-majority-shareholder\/\">Earlier this week<\/a> GTH\u2019s board of directors approved a three-month extension on the maturity of a USD 100 mn revolving credit facility from majority shareholder Veon Holdings. <a href=\"https:\/\/almalnews.com\/%D9%85%D8%B5%D8%A7%D8%AF%D8%B1-%D8%A8%D9%80%D8%AC%D9%84%D9%88%D8%A8%D8%A7%D9%84-%D8%A7%D9%84%D9%85%D9%81%D8%A7%D9%88%D8%B6%D8%A7%D8%AA-%D9%85%D8%B3%D8%AA%D9%85%D8%B1%D8%A9-%D9%85%D8%B9\/\">Al Mal<\/a> separately reoorts that a company official told it GTH is in talks on a settlement to an ongoing tax dispute.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Telecom Holding (GTH)\u2019s general assembly yesterday voted to continue operations despite losses that have surpassed 50% of shareholders\u2019 total equity as the company recorded losses of USD 64.7 mn last year. Earlier this week GTH\u2019s board of directors approved a three-month extension on the maturity of a USD 100 mn revolving credit facility from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9315],"tags":[214,72,9102,2390,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602496","post","type-post","status-publish","format-standard","hentry","category-other-business-news-of-note","tag-cit","tag-enterpriseam","tag-global-telecom-holding","tag-other-business-news-of-note","tag-tax","wpautop","entry"],"acf":{"mongo_id":"4508020e-da97-4d85-a2fa-d1d140cc8e83","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[602461],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Global Telecom unable to pay EGP 5 bn in due taxes amid company losses - 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\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Telecom unable to pay EGP 5 bn in due taxes amid company losses\" \/>\n<meta property=\"og:description\" content=\"Global Telecom Holding (GTH)\u2019s general assembly yesterday voted to continue operations despite losses that have surpassed 50% of shareholders\u2019 total equity as the company recorded losses of USD 64.7 mn last year. Earlier this week GTH\u2019s board of directors approved a three-month extension on the maturity of a USD 100 mn revolving credit facility from [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-28T04:00:26+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Global Telecom unable to pay EGP 5 bn in due taxes amid company losses\",\"datePublished\":\"2019-03-28T04:00:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/\"},\"wordCount\":93,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"CIT\",\"EnterpriseAM\",\"Global Telecom Holding\",\"Other Business News of Note\",\"tax\"],\"articleSection\":[\"Other Business News of Note\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/global-telecom-unable-to-pay-egp-5-bn-in-due-taxes-amid-company-losses\/\",\"name\":\"Global Telecom unable to pay EGP 5 bn in due taxes amid company losses - 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Shareholders offered\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":649688,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/06\/uk-court-orders-gth-and-orascom-to-pay-additional-usd-7-75-mn-in-accrued-interest-in-atheer-case\/","url_meta":{"origin":602496,"position":1},"title":"UK court orders GTH and Orascom to pay additional USD 7.75 mn in accrued interest in Atheer case","author":"enterpriseam admin","date":"6 March 2017","format":false,"excerpt":"A UK court ordered Global Telecom Holding (GTH) and Orascom Telecom Iraq (OTI) to pay an additional USD 7.75 mn in accrued interest and GBP 1.25 mn in interim legal costs on top of the USD 60 mn they will be paying Atheer Telecom Iraq Limited by 15 March a\u2026","rel":"","context":"In &quot;Telecoms + ICT&quot;","block_context":{"text":"Telecoms + ICT","link":"https:\/\/enterpriseam.com\/egypt\/category\/telecoms-ict\/"},"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":602496,"position":2},"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. 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The dispute is from the 2007 sale of Iraqna, OTIL's Iraqi mobile subsidiary, to Atheer, which sought\u2026","rel":"","context":"In &quot;Telecoms + ICT&quot;","block_context":{"text":"Telecoms + ICT","link":"https:\/\/enterpriseam.com\/egypt\/category\/telecoms-ict\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595862,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/veon-mto-for-global-telecom-closes\/","url_meta":{"origin":602496,"position":4},"title":"Veon MTO for Global Telecom closes","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"M&A WATCH- Veon MTO for Global Telecom closes: Global Telecom Holding\u2019s (GTH) sale of 1.99 bn shares in a mandatory offer (MTO) launched by majority shareholder Veon to acquire 42.3% of the company is now complete and the MTO has closed, according to an emailed statement (pdf) from Shalakany Law\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":650332,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/21\/global-telecom-completes-usd-60-mn-payment-to-atheer\/","url_meta":{"origin":602496,"position":5},"title":"Global Telecom completes USD 60 mn payment to Atheer","author":"enterpriseam admin","date":"21 March 2017","format":false,"excerpt":"Global Telecom Holding (GTH) paid Atheer Telecom Iraq the USD 60 mn indemnity that an English High Court found it liable of in February, the company\u2019s IR director Alaa Tayeh tells Al Mal. Both GTH and Orascom Telecom Iraq (OTI) had been forced to pay USD 60 mn, in addition\u2026","rel":"","context":"In &quot;Telecoms + ICT&quot;","block_context":{"text":"Telecoms + ICT","link":"https:\/\/enterpriseam.com\/egypt\/category\/telecoms-ict\/"},"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\/602496","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=602496"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602496\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/602461"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=602496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=602496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=602496"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=602496"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=602496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}