Egyptian Investment Ministry Ready for Settling Orascom CrisisSource: www.export-egypt.com 3/18/2013, Location: Africa |
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Minister of Investment Osama Saleh voiced readiness to intervene to solve a dispute between Orascom Constructions Industries Company and the Taxation Authority within the context of the ministry's efforts to protect investment. Saleh ruled out that businessman Nasef Sawires would seek international arbitration in the current stage to settle the crisis. The crisis popped up on the backdrop of claims by the taxation department that the company should pay billions of pounds in tax arrears; a claim that the company completely deny.
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