IMIC's Cameroonian subsidiary's bank accounts unfrozen| MENAFN.COM

Saturday, 03 December 2022 11:59 GMT

IMIC's Cameroonian subsidiary's bank accounts unfrozen

(MENAFN- ProactiveInvestors)International Mining & Infrastructure Corporation (LON:IMIC) said its Caminex subsidiary has had its local bank accounts in Cameroon unfrozen. Caminex which serves as IMIC's principal local operating company in the development of the group's iron ore assets in Cameroon reopened its headquarters on Tuesday having filed an administrative appeal against the demand received from the Cameroonian Tax Authorities for payment of tax. Professional tax and legal advisers are working on the dispute which could see IMIC stung for around US$2.6mln. The advisers believe that the tax assessment has been incorrectly issued and that Caminex has sound and robust legal and tax arguments to put forward during the discussions with the tax authorities. Details of the tax dispute were originally revealed in IMIC's update released on 8 October.

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