Egypt’s bourse resumed trading on shares of Orascom Construction Industries (OCI) after the firm responded to the stock exchange’s inquiries over an ongoing tax dispute with the government.
Construction giant OCI stated that its $2 billion tax dispute with the Egyptian Tax Authority is in progress and more details would be revealed over the coming days.
OCI is accused of tax evasion worth some LE14 billion (roughly $2 billion) from the sale of a subsidiary to La Farge in 2007 for $12 billion.
Short link: