Tuesday 12 April 2011

Alwaleed gives up contested Egypt land- bi-me.com

Saudi billionaire Prince Alwaleed bin Talal has given up a claim to land in Egypt that was frozen by the country's public prosecutor, Egypt's state news agency reported on Tuesday, without giving details.

The prince said he would not go to international arbitration to contest the prosecutor's decision that the purchase of the land at Toshka in southern Egypt violated the law, MENA said.

The public prosecutor has been investigating business transactions and the finances of officials under former president Hosni Mubarak since mass protests forced him out of office on February 11.

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