Tax Authority Starts OCI’s EGP 14 Bln Tax Fraud Investigations

Senior sources from Egypt’s Finance Ministry told Amwal Al Ghad that the Head of Tax Authority has met on Sunday with Orascom Construction – OCI (OCIC.CA)’s 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.

The sources further noted that the Head of Tax Authority is currently holding a meeting with the Tax Evasion Department so as to provide it with the OCI representatives’ meeting feedback.