Recent Developments
▪️CFO Transition: The Company announced that Nelson Chai, Chief Financial Officer, will leave the Company on January 5, 2024. A search for his replacement is underway.
▪️UK VAT assessment: In June 2023, the UK Tax Authorities ("HMRC") disputed the amount and manner in which we were applying VAT to our UK Mobility business since our business model change in March 2022, which resulted in an assessment of £386 million (approximately $487 million). 
▪️In the UK, in order to dispute the HMRC VAT assessment in tax court, taxpayers are required to pay the assessment up-front to access the court system and, if they are successful in their dispute, the payment is returned to the taxpayer.
▪️In July 2023 we paid the assessment in order to proceed with our dispute in the UK tax court, the payment of which will impact our Q3 2023 operating cash flows and have no impact on our income statement.
𝐓𝐀𝐗𝐈 𝐋𝐄𝐀𝐊𝐒 𝐄𝐗𝐓𝐑𝐀 𝐁𝐈𝐓:
How is this company fit and proper to hold an operators licence in London ?
Is this another case of British Justice, the best money can buy?
Perhaps it's TfL that are not fit and proper to be a regulator?
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