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BREAKING: OCI reaches settlement with Egypt govt, travel ban on Sawiris lifted
Orascom Construction Industries will pay LE7.1 billion (approx. $1bn) in settlement over its tax dispute with the Egyptian government
Ahram Online Published in Ahram Online on 30 - 04 - 2013

Orascom Construction Industries (OCI) said in a statement on Tuesday it has reached a settlement over its tax dispute with the government, prompting prosecution to remove travel bans imposed on the company founder and CEO.
The company will pay the government LE7.1 billion (approx. $1bn) over a 5-year period.
Accordingly, the prosecutor-general lifted the travel ban imposed on OCI's founder Onsi Sawiris and its CEO Nassef Sawiris. The prosecution said it removed the travel ban after receiving settlement documents from Egypt's tax authorities, Al-Ahram's Arabic news website reported.
OCI, Egypt's largest listed firm, was charged with evading $2 billion of taxes on the 2007 sale of its subsidiary Orascom Building Materials Holding (OBMH) to cement giant Lafarge on Egypt's stock exchange.
As per the settlement, OCI will begin by an initial payment of LE2.5 billion by mid-May, LE900 million by December, six equal instalments of LE450 million and two final instalments of LE500 million in 2017.
http://english.ahram.org.eg/News/70451.aspx

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