Sarie Eldin: No Updates On OCI’s Tax File, DAMAC Awaits Final Agreement

Dr. Hani Sarie Eldin – the legal counsel for Orascom Construction Industries (OCIC.CA), has asserted that negotiations between OCI and the Egyptian Tax Authority (ETA) are still ongoing and have not yet resulted in any recent developments.

OCI and ETA are still exchanging settlement solutions seeking to reach a final reconciliation over the tax evasion claims, Sarie Eldin added.

The tax dispute was over EGP 14 billion tax evasion claims erupted by selling Orascom Building Materials to French Lafarge in 2008.

Elsewhere, Sarie Eldin stated that DAMAC is currently awaiting the final signing of the settlement agreement with the Egyptian government after being presented to the Cabinet.

For Al-Futtaim’s settlement agreement, Sarie Eldin pointed out that the talks are still ongoing with the Egyptian government and have not reached any final solutions yet.