Shares in Orascom suspended over tax dispute
Trading in shares of Orascom Construction Industries (OCI), Egypt’s biggest private construction firm, was suspended on Tuesday after the stock exchange demanded detailed updates of the company's tax dispute with the government.
Al-Mal daily reported on Tuesday that OCI had reached an agreement with the Egyptian Tax Authority (ETA) under which the firm will pay its back taxes in installments. OCI is yet to confirm.
OCI is accused of tax evasion worth some LE14 billion (roughly $2 billion) from the sale of an OCI subsidiary to La Farge in 2007 for $12 billion.
Accordingly, a travel ban was imposed on OCI chairman and CEO Nassef Sawiris, and his father, former company chairman Onsi Sawiris.
In March, the ETA said it had documents proving OCI should pay taxes on the La Farge sale.
- United Arab Bank makes AED250,000 contribution to Al Thiqah Club for the Handicapped
- Opening up: is Saudi Arabia's stock market ready for an upgrade?
- Severe symptom of a savings gap? Turkey leads Europe in credit card debt
- Gulf stocks facing some serious 'downward pressures'
- Long-anticipated hike: Dollar on track for best annual gain in nine years