Siem Offshore Fined NOK 5 Mln in Tax Evasion Case

Norwegian vessel contractor, Siem Offshore, reported that Kristiansand District Court has today ruled in the tax case against Siem Offshore Inc. and its CEO Terje Sørensen.

According to the Oslo-listed company, Terje Sørensen was completely acquitted.

However, Siem Offshore was convicted for lack of filing returns and accounting to accounting registry, but acquitted of the charges point about the lack of reporting of withdrawals of vessels.

The court finds that none of the actions were willful, said the company in a stock exchange release.

Specifically, Økokrim has in February indicted Siem Offshore and CEO Terje Sørensen for tax evasion, believing the company has withheld tax for over 45 million by not submitting tax returns.

The company was fined NOK 5 million and disgorgement of 300,000 that can be compared with Økokrim fine of NOK 10 million and disgorgement of NOK 2.5 million.

In addition, Siem Offshore said it will now study the judgment with its lawyers and assess whether the verdict will be appealed.

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