PTT Exploration and Production Plc (PTTEP), Thailand's sole publicly listed explorer, has shut down four subsidiaries registered in the Cayman Islands after public comments that their establishment was intended to avoid tax payments.
President and chief executive Tevin Vongvanich said yesterday the company closed down the four Cayman subsidiaries, set up for exploration businesses in Egypt, New Zealand, Iran and Bahrain, after oil and gas resources have not been discovered in these countries.
Ten more subsidiaries in the Cayman Islands will also be shut down because they are not viable, said Mr Tevin.
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