MALMÖ, Sweden--(BUSINESS WIRE)--Regulatory News:
Following media enquiries, Oriflame (STO:ORISDB) can confirm that, as part of an ongoing tax investigation process, the company was recently visited by the police at locations in the Moscow area. The event came as a complete surprise to the company as it has been fully co-operating with the authorities since the beginning of the investigation.
The investigation in question was initiated a couple of years ago and Oriflame has handed over all the requested information. Several independent local and international experts have confirmed that Oriflame’s tax practices are in accordance with applicable local and international legislation. The company’s effective tax rate in Russia is high. The interviews conducted and the documents supplied to the authorities do not give Oriflame any reason to change this assessment.
The potential claims are included in the previously reported contingent liabilities. So far the investigations have not led to a final opinion from the tax authorities and the Company remains confident in this investigation as well as in its tax position in Russia in general.
Oriflame will continue to fully co-operate with the authorities in the investigation while at the same time seeking clarity to why the recent actions were taken against the company.
Founded in 1967, Oriflame is a beauty company selling direct in more than 60 countries. Its wide portfolio of Swedish, nature-inspired, innovative beauty products is marketed through approximately 3 million independent Oriflame Consultants, generating annual sales of around €1.5 billion. Respect for people and nature underlies Oriflame’s operating principles and is reflected in its social and environmental policies. Oriflame supports numerous charities worldwide and is a Co-founder of the World Childhood Foundation. Oriflame is a Luxembourg company group with corporate offices in Luxembourg and Switzerland. Oriflame Cosmetics is listed on the Nasdaq OMX Nordic Exchange.
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