The Supreme Court of Korea ruled against an oil company of the United Arab Emirates (UAE), headed up by Sheikh Mansour (a member of the Abu Dhabi royal family), saying that it must 240 billion won in stock trading tax to the S. Korean government.
Supreme Court Justice Ko Young-hwan on August 6 upheld a lower court's ruling that IPIC International B.V., a state-run petroleum investment company, led by Sheikh Mansour Bin Zayed Al Nahyan, must pay a corporation tax imposed on the company by Seosan District Tax Office.
The top court also ruled against Hanocal Holding B.V. (Hanocal), a Dutch subsidiary of IPIC.
Hanocal filed a lawsuit seeking to overturn Dongulsan District Tax Office’s denial of a tax refund claim. According to the Supreme Court ruling, IPIC and Hanocal have to pay 60.3 billion won and 183.8 billion won, respectively, to the South Korean government.
