More woes in the pipeline.
From The NZ Herald.
01.03.2003 9.40 am
AMP is embroiled in a $125 million tax dispute with the New Zealand Government relating to its demutualisation in 1997, the Australian Financial Review reported yesterday.
Inland Revenue claims that a binding ruling issued in 1997 giving AMP tax exemption for certain financial transactions was based on insufficient information and misrepresentation by AMP - a claim the company denies and is responding to with legal action, the paper says.
The company is embroiled in legal disputes in the US and UK as well as New Zealand that could trigger at least A$168 million ($183 million) in liabilities, says the AFR
amp...keep shorting....
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