12:57 PM EDT, 05/10/2024 (MT Newswires) -- (Updates with details throughout)

Exxon Mobil ( XOM ) and one of its suppliers both pleaded not guilty Friday in a Guyana court to charges that they overstated the value of oil-well equipment on a customs declaration by about 200 times to around $12 billion, Bloomberg reported.

A magistrate adjourned the case until June 28, according to Bloomberg.

Exxon Mobil ( XOM ) and its supplier, Ramps Logistics, reportedly said the issue stemmed from a clerical mistake. Exxon said the error did not result in any loss of revenue to Guyana or its tax authority, according to the news outlet.

The oil major also reportedly said it was cooperating with the investigation.

The company did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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