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Golden Pyramids to appeal OCI court ruling

Golden Pyramids to appeal OCI court ruling
Photo Credit: Arabianeye-Reuters
Golden Pyramids Plaza
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Cairo-Mubasher: Golden Pyramids Plaza said Wednesday it will file an appeal against a court ruling issue in favor of Orascom Construction Industries (OCI) and Global Contractors Union Co. as regards a contracting deal for City Stars shopping mall.

OCI said in February it obtained a court ruling in its favor along with Global Contractors Union against Golden Pyramids.

Golden Pyramids, owner of City Stars shopping mall project, is owned by Saudi businessman Hassan A. Sharbatly.

OCI added that, under the court verdict, Golden Pyramids shall pay EGP 260.8 million and $43.4 million to OCI, plus due interest from court ruling and payment dates.