Union Assurance says going to court won’t impact results
View(s):Directors at Union Assurance are of the view that it has followed due process and acted in accordance with the prevailing laws in its tax submissions for years of assessment 2010/11, 2011/12, 2012/13 and 2013/14, the company’s latest financial statements say in response to the Department of Inland Revenue’s raised assessments on the company for these said years. “Therefore, the above assessments have no rationale or basis in law.”
The statement says that the company operates in the insurance industry and is subject to legal proceedings in the normal course of business. “While it is not practicable to forecast or determine the final results of all pending or potential legal proceedings, directors do not believe that such proceedings (including litigation) will have a material effect on the company’s results and financial position. All pending litigation for claims has been evaluated and adequate provisions have been made in the financial statements.” The company’s share free float was only 6.1 per cent as at 31 Dec 2016. The minimum share free float rules are slated to come in later this year.
