UAE's IPIC seeks arbitration over South Korean refinery sale tax

May 21, 2015 11:35 AM

57 0

SEOUL May 21 Abu Dhabi-based International Petroleum Investment Co (IPIC), which sold its controlling stake in a South Korean refiner in 2010 for over $2 billion, has filed a request for arbitration, seeking compensation for a tax payment stemming from the sale, according to a South Korean official.

Two subsidiaries of IPIC sold their 70 percent stakes in Hyundai Oilbank in 2010, paying sales tax in South Korea, Park Jae-hyung, a director at the National Tax Service of South Korea told Reuters by phone. He declined to disclose the tax amount.

Also read: UniCredit close to selling stake in Pekao to Polish insurer: WSJ

Read more

To category page