TGS granted right to appeal over tax fraud verdict

Norwegian seismic provider TGS NOPEC has informed that the Borgarting Court of Appeal has granted the appeal by TGS of the decision of the Oslo District Court issued in October 2018 which deemed TGS guilty of tax fraud.

To remind, Oslo district court in October 2018 proclaimed a guilty verdict in the case where Økokrim accused TGS-NOPEC of aiding and abetting violations of the Tax Assessment Act. This was related to a contract for the sale of seismic data and services in 2009 by TGS to Skeie Energy AS (later known as E&P Holding AS).

The court in October 2018 sentenced TGS to pay a corporate fine of NOK 90 million (approximately USD 11 million).

TGS at the time said it categorically disagreed with the majority’s guilty verdict and said it would notion an appeal. In a statement released on Wednesday evening, TGS said it expected the appellate court hearing to occur in 2020.

Back in 2016, TGS was served with a $39 million compensation claim by the Norwegian government, which claimed it had suffered tax losses arising from tax benefits received by Skeie Energy AS under the Petroleum Tax Act in connection with a sale of seismic data in 2009 from TGS to Skeie Energy.

The Government alleged that TGS has aided and assisted Skeie Energy in obtaining undue tax advantages, which TGS denied, saying its sale of data to Skeie was a legitimate transaction between two independent companies, involving a sale of high quality seismic data at market prices, adding it had received no tax benefits from the sale of the seismic data.

Offshore Energy Today Staff

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