MONTREAL, June 9, 2011 /CNW Telbec/ - Contrary to Revenu Québec's
allegations in a press release published today, Kitco Metals Inc.
(Kitco) has never participated in any tax fraud, nor has it ever
carried out any fictitious transactions. In all respects, Kitco
vigorously contests all aspects of Revenu Québec's investigation.
Mindful of protecting its irreproachable reputation, Kitco has mandated
attorneys, of the law firm of Gowling Lafleur Henderson, to evaluate
all available recourses with regards to the allegations of Revenu
Earlier today Kitco, filed and presented a motion at the Superior Court
of Québec to have an interim receiver appointed so that it may continue
its normal operations under the supervision of the accounting firm RSM
Richter (Mr. Gilles Robillard, partner). This action was taken in the
interest of the corporation, of its clients and of its business
partners to allow for the time required to vigorously contest Revenu
Québec's unfounded claims. As always, Kitco will respect all of its
commitments towards its clients and business partners.
Kitco buys precious metals scrap and pays the suppliers sales taxes on
these purchases for which Kitco receives a tax credit. It is the
responsibility of these suppliers to pay back the sales taxes to Revenu
Québec. Revenu Québec alleges that some of these suppliers have not
remitted the taxes paid to them. Revenu Québec is unjustly holding
Kitco responsible for the unremitted taxes, which led to the issuance
of the tax assessments.
Kitco is vigorously opposing these tax assessments. Kitco has respected
all applicable laws and by-laws since the founding of the company over
30 years ago.
About Kitco Metals Inc.
A Canadian corporation founded in 1977, Kitco Metals Inc. is an
international company with its head office located in Montreal, and
operates offices in New York, Hong Kong and Shanghai. It is one of the
largest retailers of precious metals in the world, and a specialized
supplier of refining services. Kitco has a workforce of 200 employees
and provides a vast array of gold, silver, platinum, palladium and
rhodium products to tens of thousands of clients. The company is one of
few authorized resellers of products made by some of the most
prestigious government mints. Considered to be the leading precious
metals reference, Kitco's website (www.kitco.com) is visited daily by
close to a million people around the world and has received industry
awards. Kitco has earned a solid reputation for itself as a leading
innovator in the industry, being the first precious metals company to
carry out its activities online and to create real-time market
information applications for smartphones.
SOURCE Kitco Inc.
For further information:
Marketing Director & Spokesperson
Tel.: 514-315-3007, www.kitco.ca