FX.co ★ Court of Chad imposes huge fine on Exxon Mobil

The Court of Chad imposed a fine of $74 billion on Exxon Mobil, Bloomberg reports. This sum is five times more that the GDP volume of this African country.
The company is also obliged to compensate the royalty amounting to $819 million.
The judgment was made after Chad’s finance ministry had lodged a complaint against the US oil company for ignoring its tax duties.
ExxonMobil’s representative Todd Spitler said that the dispute was caused by the commitments regarding the taxation scheme which the government of Chad had undertaken before that. Spitler stressed that ExxonMobil does not agree with this decision and thinks over its next steps.
Exxon uses the pipeline which exports oil from Chad to a marine terminal in Cameroon.