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Nokia owes Romania $10 million; tax authorities seize assets

Updated Dec 19th, 2018 7:35PM EST

Nokia’s local assets were seized by Romanian tax authorities on Friday after it was revealed the company’s Romania-based subsidiary owes the government $10 million, Bloomberg said Friday. “We decided to seize the assets as a precautionary measure to prevent Nokia from selling them before they pay their debt to the state,” head of Romania’s tax authority Sorin Blejnar said. “This won’t affect the activity of the factory.” Nokia announced in September that it would close its operations in the country, although the origin of the vendor’s $10 million in debt is unclear. According to Convert News, the debt may be related to bills that Nokia owes for transporting its materials in the country. Nokia has not yet commented publicly on the situation.

Read [Bloomberg] Read [Convert News]