Tullow Oil (TLW.L) plunges after Ghana tax tribunal rules against $196.5 million dispute
Tullow Oil shares fell almost 49% to 9.8p after an International Chamber of Commerce tribunal rejected the company’s $196.5 million Ghana tax dispute, including insurance proceeds penalties equivalent to 100% of the assessed tax not covered by contractual protections.
5 million tax dispute with Ghana. The tribunal rejected Tullow's claim that Ghana's corporate income tax assessment on insurance proceeds received between 2016 and 2019 breached its petroleum agreements. It also ruled that penalties equivalent to 100% of the tax assessment were not covered by Tullow's contractual protections. Including the session's losses, Tullow was down about 62% year to date.