SOURCE: Wereldhave NV

December 06, 2006 02:33 ET

Wereldhave Belgium - Court Case

The Hague -- (MARKET WIRE) -- December 6, 2006 --Wereldhave Belgium has been summoned today, December 5, 2006, to appear in court (before the Raadkamer / Chambre du Conseil) in the matter of a penal dispute arising from the sale of a cash company in 1993. On February 20, 2007, the Raadkamer/Chambre du Conseil will decide about a possible transfer to court.

The prosecutor is demanding the liquidation of Wereldhave Belgium; the disqualification of several officials of the company and the seizure of Belle-Ile. On September 30, 2006 the fair value of Belle-Ile amounts to 119.7 million EUR.

The cash company in question was the result of the liquidation and division of MLO LTD N.V. in Seceurimmo N.V. and MLO N.V. (Wereldhave Belgium N.V.). The latter was merged with Comm. VA Wereldhave Belgium.

The Belgian tax authorities contest the fiscal neutrality of the split and have made supplementary charges in company tax and advance income assessments.

Furthermore, a penal complaint was filed which is now being handled.

The amount of the contested tax charges alone has been guaranteed by the Dutch company Wereldhave N.V.

Wereldhave Belgium is convinced that it has complied with all applicable laws and regulations both in regard to the penal and the fiscal dispute.



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