AdvertisementsThe Bureau of Internal Revenue (BIR) backtracked from the case after President Rodrigo Duterte announced amulti-million-peso compromise deal with Mighty, owned by businessman Alexander Wongchuking. The BIR then filed three criminal complaints against Mighty for tax evasion. In July, the company offered to pay P25 billion to settle the case, to be funded by the sale of its assets to Japan Tobacco. Under the deal, Japan Tobacco would end up owning Mighty’s inventories, manufacturing facilities and equipment, and sales and distribution network. Affiliate Japan Tobacco International SA will own the trademarks and associated intellectual property of Mighty and Wong Chu King Holdings.

Source: Manila Times October 05, 2017 17:37 UTC