CBE: Egyptian pound closes high vs dollar on Tuesday    Egypt sticks to reform path, aims for 4.5% growth despite regional turmoil: Al-Mashat    EGX closes all red on June 17    Egypt issues nearly 20 million digital treatment approvals as health insurance digitalisation accelerates    Pakistan FM warns against fake news, details Iran-Israel de-escalation role    Russia seeks mediator role in Mideast, balancing Iran and Israel ties    LTRA, Rehla Rides forge public–private partnership for smart transport    Egyptian government reviews ICON's development plan for 7 state-owned hotels    Divisions on show as G7 tackles Israel-Iran, Russia-Ukraine wars    Egyptian government, Elsewedy discuss expanding cooperation in petroleum, mining sectors    Electricity Minister discusses enhanced energy cooperation with EIB, EU delegations    EHA, Konecta explore strategic partnership in digital transformation, smart healthcare    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt nuclear authority: No radiation rise amid regional unrest    Grand Egyptian Museum opening delayed to Q4    Egypt delays Grand Museum opening to Q4 amid regional tensions    Egypt slams Israeli strike on Iran, warns of regional chaos    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    US Senate clears over $3b in arms sales to Qatar, UAE    Egypt discusses urgent population, development plan with WB    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt, Serbia explore cultural cooperation in heritage, tourism    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.