SDX Energy has “terminated” one of its employees in Egypt following an investigation. The company acknowledged recently speculation about a sale of its Egyptian assets.
The company said in May that an unnamed senior employee had sent an email “raising concerns” about some of its work to some stakeholders. SDX suspended the employee at the time.
The company did not provide any comment on the allegations raised by the employee.
At the time, SDX said these allegations, which included issues around local tax compliance, were “substantially without merit”.
The company said local tax compliance specialists and a Big Four accountancy had advised on tax and it “strongly believes it complies with all local tax requirements”. SDX went on to say it was taking “all appropriate steps to protect its position”.
In June, SDX said it had received a number of offers on the sale of its Egyptian assets. At the time, it said it would provide further details.
SDX paid $13.93 million in taxes in 2022, of which $12.36mn were in Egypt, primarily on its South Disouq asset.
PwC had acted as external auditor for SDX from 2012 until the end of 2022. SDX replaced PwC with Crowe UK.