A 2005 article in The Japanese Times is reporting that Marubeni Corporation was fined after tax authorities found that the company failed to declare about two billion yen in income.

The report says tax authorities found that the major trading house intentionally concealed about 600 million yen over three years.

The Tokyo Regional Taxation Bureau, which conducted a tax audit at Marubeni, reportedly ordered the firm to pay about 100 million yen in additional taxes and penalties.

Ruling accepted

Marubeni officials are quoted as saying that the firm accepted the Tokyo Regional Taxation Bureau's ruling but disputed its reasoning.

The company further said it felt its taxation was handled appropriately, but it could not bridge the gap with the taxation bureau.

The Japanese firm recently bought Mirant's 80 per cent shares in the Jamaica Public Service Company.

Finance Minister Dr. Omar Davies has said he is confident that Marubeni will be able to carry out the level of investment needed to meet Jamaica's future electricity needs with improved levels of efficiency.