Trustees Executors reaches $4.9M settlement with IRD after audit of $24M payment in 2013

Tue, 07 Feb 2017

By Jonathan Underhill Feb. 7 (BusinessDesk) - Trustees Executors, the trust company owned by Sterling Grace Corp, reached an agreement to pay about $4.9 million following an Inland Revenue Department audit of its 2013 tax year and the treatment of a $24 million legal settlement, its accounts show. The firm hasn't disclosed the source of the settlement, which it recorded as other income in the year ended Sept. 30, 2013. That same year it paid $25.6 million, or $7.97 a share in dividends, more than five times more than its 2012 payment of...

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