Britain's Prince William (L) and his wife Catherine, Duchess of
Cambridge, arrive at Westminster Abbey in London for a service to
celebrate the 60th anniversary of the Coronation Service on June 4,
2013. Prince William's wife Catherine gave birth to a baby boy on
Monday, providing Britain's royal family with a future king in an event
that had been anticipated around the world. AFP Photo.
By Frederic Musisi
In Summary
Tullow paid URA on behalf of Heritage after it sold its stake in Uganda and Heritage was to pay back the money to Tullow.
Court in London early this week ordered Heritage
Oil to pay Tullow Oil Plc a total of $343 million (Shs879 billion)
inclusive of interest rates.
The same court while delivering the verdict on June 14 in favour of Tullow’s indemnity claim in its entirety of $313 million (Shs813 billion), noted that, a further hearing will be scheduled in due course to address matters arising from the judgment such as the amount of interest Heritage owes Tullow and Tullow’s submissions in respect of payment of its costs by Heritage.
The case was over Capital Gains Taxes that Tullow had paid to Uganda Revenue Authority (URA) on behalf of Heritage after it sold its stake in the Uganda oil fields to the Irish company in 2010
.
Heritage was to pay back the money to Tullow Oil
but it later contested the repayment saying Tullow’s payment of the tax
to URA were commercially motivated rather than as the result of a valid
legal obligation.
URA designated Tullow Uganda Limited as agent in
relation to this transaction which required Tullow to pay, on Heritage’s
behalf, $313 million in form of tax to the Authority.
Heritage has until August 5 to make an appeal
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