Egypt court sets next Mandinaty court hearing for 22 November

Reuters, Tuesday 25 Oct 2011

Decision postponed again over Talaat Mostafa Group's disputed land, extending the legal wrangle that has rattled property investors

An Egyptian court on Tuesday set the next hearing in a land dispute case involving Talaat Mostafa Group (TMG) for 22 November, extending a legal wrangle that has rattled investors in the property market.

TMG's US$3 billion Madinaty project has been caught up in legal dispute since last year over the purchase of land directly from the state instead of by public auction.

Shares in TMG were down 0.5 per cent by midday.

The legal challenge to TMG's flagship Madinaty development last year sparked a sector crisis as several copycat lawsuits were launched. The propety market downturn worsened with the ousting of Egyptian President Hosni Mubarak in February.

Short link: