OCI Denies Offering EGP14 Bln To End Tax Dispute As Talks Still Ongoing

Orascom Construction Industries – OCI – (OCIC.CA) denied allegations that the company offered to pay EGP 14 billion for the Egyptian Tax Authority in return for achieving the reconciliation with the government.

Omar Derwaza – Head of Investor Relations at Orascom Construction Industries – said the negotiations between OCI and the Egyptian Tax Authority (TA) are still ongoing till reaching a compromise.

He explained that during the previous days, OCI had undertaken a number of meetings with TA officials seeking to reach an agreement in order to settle the current dispute.

OCI will work on preserving its rights during reaching the agreement with TA scheduled for completion soon, Derwaza noted.