Word: surgut
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...company’s statement said Surgut is forced to heavily invest in capital because, unlike the U.S. tax code, the Russian Federation tax code does not allow tax reductions for exploration, drilling and construction. Surgut said it would suffer huge tax losses that would harm shareholders if it chose not to make capital investments...
...Surgut added in the statement that deducting capital investment from net profits is legal in the Russian Federation, and that it had a nearly decade-long history of deducting the cost of capital investments before declaring net profits to shareholders...
...Harvard minority shareholders disregard this fact at the moment when they were buying the shares?” Surgut asked in the statement...
This is not the first arbitration case brought against Surgut, Kelleher said...
...added that Harvard is the first party to bring action against Surgut in the United States...