SODIC: Solidere Paid EGP 160 Mln Not To End Current Disputes
Six of October Development & Investment (SODIC) – (OCDI.CA) has refuted the news that Lebanon’s Solidere International has paid EGP 160 million so as to settle their current disputes over a piece of land spreading over 250,000 m2.
SODIC noted that the above-stated sum had already been paid by Solidere as per signed contracts and without any intention to end the current disputes between the two companies.
SODIC added that the arbitration lawsuit filed against Solidere as the latter did not fulfill its obligations as pursuant to the agreement signed between the two firms in June 2008 on Sheikh Zayed Project. SODIC said arbitration procedures are confidential.
SODIC announced on September 12th that the company has started adopting the legal procedures against Solidere International. It said the company has submitted a request to Cairo Regional Centre for International Arbitration (CRCICA) for terminating the contract signed with the Lebanese company.
SODIC said filling an arbitration lawsuit against Solidere because the latter has breached the agreement signed between the two firms in June 2008 on Sheikh Zayed Project.
