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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.

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