Zimbabwe's Delta Corp Loses Appeal to Pay $55 Million in US Dollars

Zimbabwe's Delta Corp., a beer maker and Coca-Cola Co. bottler, has been ordered by the Supreme Court to pay $55 million in local currency taxes rather than in US dollars as claimed. Despite Delta's argument that the Zimbabwe Revenue Authority's computation was flawed, the court upheld the previous High Court ruling. Delta, which operates under a US dollar-based reporting system, faced this penalty for selling goods in the local currency after its initial scrap in 2009.