Guyana Takes US Oil Giant Exxon to Court Over Inflated $12 Billion Invoice | Firstpost America

The South African country of Guyana is taking US-based oil firm Exxon Mobil Corporation to court. The Guyana Revenue Authority (GRA) has issued a summons to the oil giant over the misstated value of oil-well equipment. The tax agency claims that one of Exxon's suppliers, Ramps Logistics, said it mistakenly inflated the value of imported goods by 200 times to about $12 billion. Exxon and Ramps say the overvaluation occurred due to a clerical issue that denoted the sum in US dollars instead of Guyanese dollars, adding that the issue would be resolved. Meanwhile, Guyana's Vice President Bharrat Jagdeo asked the country's tax agency to check previous invoices for the past several years. Notably, Guyana is one of the fastest-growing oil-producing nations and the overvaluation could have had a significant impact on its profits.

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