Evading prison: Sawiris will not face jail time for tax evasion
The imprisonment verdict of Egyptian billionaire and the CEO of Orascom Construction Industries (OCI) Nassef Sawiris has been “suspended and rendered unenforceable”, the company said in an official statement.
AhramOnline reported Tuesday that the construction tycoon has been sentenced in absentia to three years imprisonment on charges of tax evasion.
“The lawsuit comes as a challenge to the non-payment of the second installment of the tax claim raised by Egypt’s previous [Morsi] regime,” the company said.
In March 2013, Egypt’s Tax Authority accused OCI of tax evasion. The company reached an agreement with the government to pay back the Tax Authority in ten installments from 2013 till 2017.
“The lawsuit was filed by the ETA prior to the prosecutor general’s decision 21/2014 issued on 18 February 2014, acquitting OCI S.A.E. of any wrongdoing,” the company said.
“It [the company] was also acquitted of any violation of Egypt’s tax laws, and thus did not take this decision into consideration,” the company added.
This comes a day after Samih Sawiris, Nassef Sawiris’s brother, told Reuters that he does not plan to invest in Egypt “until there are changes [made] to the legal system to support and protect investors.”
Shortly after the ouster of former president Mohamed Morsi, the Sawiris family had stated their intention to inject large investments to the Egyptian economy.
- As American decade of easy money ends, Gulf currencies brace themselves for a 'nervous breakdown'
- More money to be taken care of: private wealth growth in the GCC exposes need for prudence
- With $100 billion in foreign reserves: is Libya's central bank monopolizing the country's economic potential?
- After 23 years in office,why was the UAE's central bank governor replaced?
- Why Turkey's 'tense' relations with rating agencies is damaging
- Egyptian court upholds jail sentence, $7 million fine against business tycoon Nassef Sawiris
- Denials over tax evasion case in Egypt
- Forbes' Middle East list is out and Egypt, yes Egypt, is leading
- Egypt's top construction firm to pay $1 billion in tax evasion dispute
- Egyptian businessman’s bid for Lebanese telecom license rejected