Chile's SQM sees Q1 results hit by extra expenses following scandal

Tue Mar 31, 2015 8:53am EDT
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SANTIAGO, March 31 (Reuters) - Chilean fertilizer group SQM on Tuesday said its first-quarter results will be hit by at least some $7 million in non-tax deductible charges amid an internal probe into a tax and illicit campaign financing scandal that has felled its CEO and hit its shares.

Around $4 million in expense-related payments and another $3 million in interest-related payments will be charged to net income in the first quarter 2015, the company said in a statement on Tuesday.

SQM, which has rights to some of the world's largest nitrate and lithium reserves, said earlier this month it had identified around $11 in questionable tax expense payments from the office of its recently fired chief executive officer.

It was in the process of amending its annual statements following the unearthing of those payments, it said.

(Reporting by Rosalba O'Brien)