FGC BOLSA -FGC FINANCIAL MARKETS
Due to the fact,that we publish information received every day from Kitco - Metals through Financial & Forex Info, we consider that unless Kitco be forbidden to keep operating in the precious metal markets we will continue covering every day the Kitco's report. Below you will find Kitco's Statement on this unfortunate matter not yet fully explained or disclosed
For immediate publication
KITCO CATEGORICALLY DENIES ALL OF REVENU QUÉBEC’S ALLEGATIONS
Montreal, June 9, 2011 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 Québec.
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.
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For information: Sharlene Dozois
Marketing Director & Spokesperson