Tullow Oil shares crash 50% after Ghana wins $196.5 million tax dispute

Shares of UK-based Tullow Oil Plc crashed by about 50% on Wednesday after Ghana won a long-running arbitration dispute over a $196.5 million corporate income tax assessment against the oil producer. The sharp decline in Tullow Oil’s stock followed the ruling in favor of Ghana in the tax dispute. The arbitration concerned a corporate income tax assessment of $196.5 million. The outcome represents a significant financial setback for Tullow Oil, which is listed on the London Stock Exchange.

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