Dynacor acquired from Malaga Inc., through an agreement dated May 1st,
2007, all the issued and outstanding shares of Minera Dynacor del Peru S.A.C,
a wholly-owned Peruvian subsidiary of Malaga Inc., as well as the gold assets
of Malaga Inc. held by the Peruvian subsidiary. Therefore, Dynacor did not
have any activities prior to May 1st, 2007, thus having an impact on the
results for the eight-month period
Dynacor Gold Mines Inc. was going after the monies thought once owed to "Minera Dynacor." The amount owing was close to 5 million in tax claims. The government did not pay and now the tables are turned..Why do the same people that thought they had claim to nearly 5 million now tell us the govenment has no claim against them ?. This is dirty business and obviously the CFO and CEO are directly responsible.
Below is an old post from cookout1234. I do not trust the government, but this thing will be tied up in court for years to come.
as indicated in the financial statements and md&a for the quarter ended june 30, 2010, minera dynacor del peru is currently under review. dynacor has received claims from the sunat for the years 2003 and 2004. these claims are not considered as an amount payable under peruvian regulation. for instance another example in peru: telefonica, which has received claims for more than a few million, has not recorded a penny. it is important to add that the review is for minera dynacor del peru and does not involve tumipampa , casaden or dynacor gold mines inc.
the fact is it is a weak claim. watch it to be dismissed in the near future. besides, 7 or 8 years from now they will most likely have been bought by a major. i give dng 1 or 2 years tops before she's taken out. in my opinion this claim is noise and irrelevant to whats coming in the pipeline from tumi, acari and casaden.
the fact is dynacor is one of the largest custom-milling gold plants in peru, it is obvious that there will be rumours about dng. in 2009, minera took action to ensure that there will not be any issues with purchases of ore in the future.
and on the flip side, think about what the stock price would do virtually overnight if/when the peruvian authorities quietly come through with the sales tax receivable.in any case, management is doing it right by marching forward.
The Company is continuing its negotiations with the Peruvian authorities to recover the sales taxes receivable for the period of July 2008 through April 2009 in the amount of $4.2M that being withheld from one of the Company’s Peruvian subsidiaries. This tax amounts to 19% of the total purchase value. Despite the lengthy process to achieve resolution, the Company still believes that it will recover the entire amount though it cannot determine with any precision when the amount will be received. As a result, the total Peruvian sale tax receivable withheld was reclassified as long term.
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?s=DNG&t=list&m=28541725&l=0&pd=0&r=0#IRQ8kUkM8j5K2BKt.99