Sierra Leone Brewery Limited is embroiled in a serious financial crisis that, may lead to the company’s inability to pay Corporation Tax for the next fifteen years, according to local tax experts.
For the past ten years, the company has not been able to pay a single cent as dividends to its numerous shareholders. Some minor shareholders are reported to be very angry as a result of the administrative chaos at the Sierra Leone Brewery Limited.
The company’s biggest shareholder is Heineken, which has about eighty percent shares in the financially crawling company.
In the years ended 2014 and 2015, the company reported total comprehensive loss of about Le83 Billion, according to their audited account now in the possession of this medium.
The recent decision by the Government to increase Excise tax rates on imported alcoholic beverages by one thousand percent, has been described as an attempt by the Government to secretly bail out a dying company.
Sierra Leone Brewery Limited is the sole importer of Heineken Beer from Holland. The new tax regime affects any importation done by the company of the Heineken Beer brand.
A spokesman for the Sierra Leone Brewery Limited told the Global Times last night that, he does not intend to comment on an official document of the company that is now in the domain of the media.