The amount of penalties and fines paid by TELNET Holding to the Customs in connection with the audit for which it was the subject of a reconciliation amounted to 7.4 million dinars, according to the company’s interim financial statements.
It should be noted that the provision for risks and charges set aside for this purpose at the end of 2023 amounted to 10 million dinars.
However, in the interim financial statements for the year ended June 30, 2024, the company did not reverse the excess provision, pending the final resolution of the case.
In January 2024, TELNET Holding was subject to a customs inspection related to foreign investments and export products.
In consultation with its advisors, the company estimated the amount of penalties and fines at 10 million dinars, which was provided for as at December 31, 2023.
On April 19, 2024, the company submitted a request for adjustment in order to reduce the amount.