OCI N.V.'s subsidiary, OCI S.A.E., has appealed a preliminary ruling against the company in a lawsuit filed by the Egyptian Tax Authority (ETA). The lawsuit comes as a challenge to the non-payment of the second instalment of the tax claim raised by Egypt's previous [Morsi] regime. As a result of the appeal, the ruling was suspended and rendered unenforceable immediately following the ruling. The lawsuit was filed by the ETA prior to the Prosecutor General's decision N0. 21/2014 issued on 18 February 2014 acquitting OCI S.A.E. of any wrongdoing. It was also acquitted of any violation of Egypt's tax laws, and thus did not take this decision into consideration. Based on the Prosecutor General's decision, the Company is continuing to challenge the tax claim. A court hearing is scheduled for 7 July.
