Egypt's State Lawsuits Authority saves state treasury $500 mln

MENA , Saturday 29 Feb 2020


The Egyptian State Lawsuits Authority (SLA) has managed to save the state treasury $500 mln claimed by the US-based Champion Holding Company and others.

The arbitration claim was considered before the World Bank's International Center for Settlement of Investment (ICSID) in Washington.

The claimants alleged that certain measures taken by the government had caused damage to their investments in Egypt, SLA Vice President Sameh Sayed Mohamed said in statement on Saturday.

SLA is an Egyptian judicial institution that resembles, in respect of competencies, the Attorney General in common law disciplines and particularly the United States Solicitor General.

It had been established in 1875 prior to the establishment of the Egyptian national courts in 1883.

The authority represents the interests of the state in a variety of areas before national and international courts and arbitral tribunals.

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