OCI Says Still Seeking Agreement With Tax Authority

Omar Derwaza – Head of Investor Relations at Orascom Construction Industries  – said OCI is still in holds negotiations with Egypt’s Tax Authority (TA) so as to put an end to the tax evasion charges against the Group.

Derwaza added that the meeting held on Sunday between the TA and OCI representatives has discussed the overall dimension to the tax evasion charges and the Group’s legal stance expecting that the TA and OCI will likely reach an agreement very soon.

Derwaza further stated that OCI alongside its subsidiaries always submit the annual tax returns and pay the tax dues on time.

Head of Tax Authority has met on Sunday with Orascom Construction Industries’ tax adviser so as to tackle the EGP 14 billion tax evasion charges against the Group.

The sources added that the two-hour meeting was attended by two representatives of KPMG Hazem Hassan alongside auditing consultant for Egyptian tycoons Onsi Sawiris and his son Nassif Sawiris. The OCI consultants have discussed the Group’s legal sound stance towards its selling deal of OCI’s Orascom Building Materials Holding to French Lafarge in 2008.