Chevron and Petronas agreed to pay Chad US$281.6 million (RM1.04 billion) under a deal to end a tax dispute which saw them threatened with expulsion from the central African country, the Chad Government said.
"Chevron and Petronas have agreed to pay companies tax totalling US$281,649,974 for 2005 and three quarters of 2006," it said.
Chad's President Idriss Deby said in August the two companies had refused to pay US$484.8 million, which the Government said it was owed under a 2000 taxation agreement.
The statement said the government still had to give its official approval to the deal, and the payments will be made within seven days of that happening. It gave no breakdown of what each company would pay.
Petronas owns 35 per cent of the US$4 billion Doba consortium, Chevron 25 per cent and operator ExxonMobil the remaining 40 per cent.
If that's true, by agreeing to pay the RM1.04 billion now, wouldn't it constitute an admission of guilt?
Or, is this something we call....goodwill???? or, kautim? or, over-the-table? or, NEP???