The court fined ExxonMobil Chad on a record $74 billion

Moscow. 6 Oct. The Chadian court ordered Exxon Mobil Corp. to pay a record fine of $74 billion, and to pay $819 million of royalties that the oil company owes the African state, reports Bloomberg, citing court records.

“We do not agree with the decision of the Chadian court and think, what steps should be taken”, – said the representative of ExxonMobil Todd Spitler.

A fine five times larger than the GDP of Chad, the world Bank estimates at $14 billion.

The court’s decision was a reaction to the complaint of the Ministry of Finance of Chad on the failure of the ExxonMobil tax liabilities. The President of Chad Brahim Abbo Abakar confirmed it in a phone interview with Bloomberg, noting, however, that the actual penalty may be less. The court documents also contained the sum of $669 million, but the President did not elaborate on whether it was going on.

The Minister of Finance of Chad Ngobo Sat Mboge stated that the court’s decision is clear and understandable, and refused to give further comments.

ExxonMobil is the operator of the oil pipeline through which oil pumped from Chad to the export terminal in Cameroon.

In 2006, the Chadian authorities accused Chevron and Petronas of failing to pay taxes and gave them 24 hours to curtail operations in the country. The company denied such violations and later they managed to resolve the issue.