Egypt's EPEAVC, USAID sign MoU to boost direct investment, venture capital    Heiba invites Greek companies to explore investment opportunities in Egypt    Industry Minister inaugurates new Kraft Heinz production lines in West Cairo    Egypt pushes forward with "Great Transfiguration" project in Saint Catherine    70 years of imbalanced planning: Time to alleviate people's misery    Egyptian FM condemns Israeli aggression in Gaza, calls for Security Council action    Egypt, China Foreign Ministers discuss cooperation, regional concerns at UN    Israel kills Hezbollah chief Nasrallah in air raids on Beirut    ABK-Egypt staff volunteer in medical convoys for children in Al-Beheira    Al-Manfaz Initiative distributes 20,000 school bags to support education    URGENT: US announces fresh Russia- and cyber-related sanctions – statement    Egypt's Al-Mashat urges private sector financing for clean energy    EBRD prospects: Manufacturing, tourism to drive Morocco growth in '24    Egypt's Endowments Ministry allocates EGP50m in interest-free loans    Islamic Arts Biennale returns: Over 30 global institutions join for expansive second edition    EU provides €1.2m aid to Typhoon-hit Myanmar    Taiwan lifts restrictions on Fukushima food    Egypt chairs for the second year in a row the UN Friends Alliance to eliminate hepatitis c    President Al-Sisi reviews South Sinai development strategy, including 'Great Transfiguration' project    Kabaddi: Ancient Indian sport gaining popularity in Egypt    Spanish puppet group performs 'Error 404' show at Alexandria Theatre Festival    Ecuador's drought forces further power cuts    Al-Sisi orders sports system overhaul after Paris Olympics    Basketball Africa League Future Pros returns for 2nd season    Culture Minister directs opening of "Islamic Pottery Museum" to the public on 15 October    Egypt joins Africa's FEDA    Egypt condemns Ethiopia's unilateral approach to GERD filling in letter to UNSC    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Egypt's FM, Kenya's PM discuss strengthening bilateral ties, shared interests    Paris Olympics opening draws record viewers    Former Egyptian Intelligence Chief El-Tohamy Dies at 77    Who leads the economic portfolios in Egypt's new Cabinet?    Financial literacy becomes extremely important – EGX official    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's top prosecutor calls for committee to assess OCI tax dispute
Technical committee will send its assessment of dispute to Egyptian Prosecutor-General Talaat Ibrahim, who will then take 'appropriate legal steps'
Ahram Online Published in Ahram Online on 07 - 03 - 2013

Prosecutor-General Talaat Ibrahim has ordered the formation of a technical committee tasked with looking into a recent finance ministry report in which Egypt's Orascom Construction Industries (OCI) is accused of tax evasion, Al-Ahram's Arabic-language news website reported Thursday.
The move follows charges that OCI failed to pay LE14 billion (roughly $2 billion) in taxes on the $12 billion sale of its subsidiary, Orascom Building Materials Holding (OBMH), to French cement giant Lafarge in 2007.
The technical committee, which will function under the auspices of the government's anti-tax evasion unit, will send its assessment of the dispute – which has already impacted OCI's share prices – to the prosecutor-general, who will then take the appropriate legal steps, according to Al-Ahram.
Earlier this week, Ibrahim slapped a travel ban on OCI Chairman and CEO Nassef Sawiris, and his father, former company chairman Onsi Sawiris, effectively barring the two men from leaving the country.
On Monday, OCI stated that the Egyptian Tax Authority had asked the company to pay LE4.7 billion (roughly $0.7 billion) related to its sale of OBMH, but stressed that it had not received any additional requests.

Clic here to read the story from its source.