CAIRO: The Egyptian interim military government has settled several legal disputes with foreign investors, according to an Egyptian investment official in comments with Reuters. The settlements are an effort to increase investor confidence in the country that has faced numerous economic woes since the toppling the Hosni Mubarak regime earlier this year. The recent legal resolutions stem from disputes put forth by the Egyptian public claiming that many of the business transactions made under the former Mubarak regime were illegitimate. A revised set of standards have been implemented by the Egyptian government to assuage business deals made by the former regime that would potentially wind up in court and thus further destabilize the already shaky foreign investor confidence in Egypt. “We have laid down standards and applied them after agreeing them with the parties involved in deals that were heading towards lawsuits or international arbitration,” said Osama Saleh, head of the General Authority for Free Zones and Investment (GAFI), in a statement to Reuters. Many of the transactions to which these new standards are being applied include the selling of Egyptian land for unreasonably low prices. BM
