RIN Rii

RNS Number:5170K
Riceman Insurance Investments PLC
12 May 2000

The Company announces that for the past few months it has been in a dispute with
the tax authorities in one of the countries where it does business.  The
dispute has concerned a penalty that the Company believes was wrongly demanded
by the tax authorities.  After confidential negotiation the Company has been
informed that the said penalty is not payable.  However during this period the 
bank accounts of the Company in that country were frozen.  It is expected that
these will be freed within the next few weeks.  As a result of this freezing,
the scale of business in that country was dramatically reduced and this will
have an effect on the group results in the half year to 31 July 2000.  It is
not at present possible to quantify the degree to which group income will be
affected by this matter".

END

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