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Sawiris donates EGP2.5bln owed by ETA to ‘Long Live Egypt’ Fund

Sawiris donates EGP2.5bln owed by ETA to ‘Long Live Egypt’ Fund
Nassef Sawiris, Chairman of Orascom Construction Industries (OCI), the Egyptian subsidiary of OCI NV (OCI.AS), announced that his company decided to donate the EGP2.5 billion owed to OCI by the Egyptian Tax Authorities (ETA) to the ‘Long Live Egypt’ Fund.
According to Sawiris, OCI had three options following the ruling: i) OCI could request the ETA return the EGP2.5 billion to the company; ii) OCI could use the EGP2.5 billion to offset future tax payments or iii) OCI could give the funds to the Tahya Misr Fund. The company decided to give the money to the Fund after consulting with its major shareholders and board of directors, according to Sawiris.
OCI had previously paid the EGP2.5 billion as a part of a settlement with the ETA regarding a tax dispute surrounding the sale of OCI cement assets to Lafarge in 2007.
Last week however, an Egyptian court ruled in OCI’s favour regarding the dispute, cancelling the previously agreed settlement.
(written by Amr Adel; translated by Sayed Abdel Rahman)