Egypt's OCI, tax authority to discuss tax dispute next Sunday

Ahram Online, Wednesday 6 Mar 2013

Officials from Orascom Construction Industries (OCI) – Egypt's largest listed company – will discuss firm's alleged failure to pay LE14 bn in taxes with Egyptian Tax Authority officials next week

Tax Authority representatives will meet with officials of leading private Egyptian construction firm Orascom Construction Industries (OCI) on 10 March to discuss the firm's alleged failure to pay some LE14 billion (roughly $2 billion) in taxes, OCI stated on Wednesday.

On Sunday, Egypt's prosecutor-general barred OCI Chairman and CEO Nassef Sawiris, along with former company chairman Onsi Sawiris, from leaving the county.

The move followed charges that OCI had failed to pay taxes on the 2007 sale of a subsidiary – Orascom Building Materials Holding (OBMH) – to French cement giant Lafarge for $12 billion.

Nassef Sawiris, who boasts a net worth of $6.5 billion, was recently listed by Forbes as Egypt's wealthiest man.

Shares in OCI currently trade for LE247.5 each on the Egyptian stock market.

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