Egypt’s Touristic Villages Organization demands Amer Group to pay $8mn

Touristic Villages Organization requested Amer Group (AMER) to pay 73 million Egyptian pounds ($8 million) for utilising pier of Marina ElAlamein Center as well as other installments of Porto Marina land in North Coast.

Khaled Abou AlAtta, Chairman of Touristic Villages Organization, said Sunday that the New Urban Communities Authority (NUCA) has evaluated the company’s construction violations at 50 million pounds in addition to Porto Marina’s installments of 23 million pounds.

On the Other hand, Riyad Refaat, the Financial Directors in Amer Group, denied any violations committed by the group, asserting that the company paid all its financial commitments concerning Porto Marina according to the contracts.

 source: Arab Finance