Mitsui OSK Lines (MOL) said that the Tokyo Regional Taxation Bureau is expected to inform the company that it has failed to declare about US$115.5 million in taxable income related to transactions with a US subsidiary, Jiji Press reported.

As a result, the bureau is expected to order MOL to pay some $58.3 million in back taxes and penalties, the shipping company said.

But the company said it completely disagrees with the tax authorities.