Earlier today Indian authorties “raided” the Nokia factory in Chennai India with claims of 30 billion Ruppes/ 543 Million dollars; worth of tax evasion charges. Although the factory was not shut down it’s unclear how this will affect the productivity of the factory.
In response to the raid Nokia replied:
Earlier today, tax officials visited Nokia’s manufacturing unit in Chennai. Nokia is fully cooperating to ensure they get the necessary information to help in their inquiry.
As a global company, Nokia consistently fields a large and steady number of tax queries, audits and assessments. Nokia’s commitment to being a good corporate citizen is firm and unwavering: we always observe applicable laws and rulings in the countries where we operate. This has been a core principle of our operations in India, where Nokia has been present since 1995.”
Hopefully this was all a big misunderstanding; cause it would sure suck if Nokia slid back into the red this quarter (after such promising sales) due to tax issues.
Thanks to everyone who sent this in