Wednesday 5 November 2014

Billionaire Sawiris Plans Egypt Spending After Tax Court Win - Bloomberg

Billionaire Sawiris Plans Egypt Spending After Tax Court Win - Bloomberg:



"Billionaire Nassef Sawiris’s OCI (OCI) NV is boosting investment in Egypt after the company was told it no longer has to pay billions of pounds as part of a tax settlement.



The Dutch company’s unit Orascom Construction Industries is partnering with Abu Dhabi-based International Petroleum Investment Co. to build a coal-fired power plant on the Red Sea, subject to technical studies and government and corporate approvals, OCI said in an e-mailed statement today. The Egyptian court yesterday overturned a 7 billion-pound ($979 million) tax settlement Orascom Construction reached in April of last year with the government.



“Our appetite now has increased 10-fold,” Sawiris said in a phone interview from New York yesterday. The ruling is “an annulment of the extortion tax claim by the Muslim Brotherhood government” and “closes the final chapter of the entire saga and we can focus on investment opportunities and creating value,” he said."



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