Jan 10 (Reuters) - Worley Ltd (WOR) :
- RECENT MEDIA REPORTS
- REFERS TO RECENT MEDIA REPORTS WHICH ARE INACCURATE IN SEVERAL RESPECTS.
- WORLEY DISAGREES WITH DECISION AND IS CONSIDERING OPTIONS FOR FURTHER LEGAL PROCEEDINGS
- ARBITRATION COMMENCED UNDER BILATERAL INVESTMENT TREATY BETWEEN USA AND ECUADOR, WITH TRIBUNAL ISSUING ITS DECISION ON 22 DECEMBER 2023
- DECISION AWARDS COSTS TO ECUADOR OF APPROXIMATELY USD6 MILLION, WHICH IS NOT MATERIAL TO WORLEY'S FY2024 RESULTS.
- TRIBUNAL'S DECISION TO DISMISS ARBITRATION IS BASED ON JURISDICTIONAL AND ADMISSIBILITY GROUNDS RELATING TO CORRUPTION, AMONG OTHERS
- DECISION WAS CONFIDENTIAL UNDER APPLICABLE RULES AT TIME IT WAS ISSUED BUT SINCE THEN, ECUADOR HAS MADE DECISION PUBLIC
- WORLEY DENIES ANY "CORRUPTION", "ILLEGALITY" OR "BAD FAITH" ON WORLEY'S PART
- BELIEVES HAS COMPLIED WITH ITS TAX OBLIGATIONS AND THAT TAX POSITIONS IN FINANCIAL STATEMENTS HAVE BEEN APPROPRIATELY TAKEN
- PRINCIPALS OF A WORLEY SUBCONTRACTOR WERE PROSECUTED AND FOUND TO BE CORRUPT BY AN ECUADORIAN COURT
- MEDIA INACCURATELY REPORTED AMOUNT OF WORLEY RECEIVABLES
- NET AMOUNT OWED TO WORLEY IS AUD58 MILLION WHICH HAS BEEN RECORDED AS NON-CURRENT IN WORLEY'S PERIODIC REPORTING SINCE FY2019
- FOLLOWING INVESTIGATIONS, CO TERMINATED CONNECTION WITH SUBCONTRACTOR IN 2016
- BELIEVES THAT IT HAS COMPLIED WITH ITS TAX OBLIGATIONS AND THAT TAX POSITIONS IN FINANCIAL STATEMENTS HAVE BEEN APPROPRIATELY TAKEN
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