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Cameco to face court over alleged C$2.2B tax evasion

Canadian uranium heavyweight Cameco Corp. will front court Oct. 5 over allegations of tax evasion worth C$2.2 billion.

The Canadian Revenue Agency launched legal action because it believes Cameco was keeping the price of its uranium low and funneling profits through a Switzerland-based subsidiary to avoid paying tax, according to an Oct. 3 report by The Canadian Press.

However, Cameco is maintaining its innocence, saying it was a "legal and sound business practice," the news service reported.

The case, which has been ongoing since 2009, relates to the 2003, 2005 and 2006 financial years.

According to the report, the subsidiary was established in 1999, when Cameco struck a 17-year deal to sell uranium at about US$10 a pound, which was what it was trading at around that time.

The trial is not expected to conclude until March 2017, with the court likely to take between six and 18 months to reach a verdict.