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Court adjourns Golden Pyramids, OCI case to 16 May

Court adjourns Golden Pyramids, OCI case to 16 May
Photo Credit: Arabianeye - Reuters
Golden Pyramids Plaza
GPPL
-4.99% 1.44 -0.07
Orascom Construction
OCIC
0.00% 217.47 0.00

Cairo – Mubasher: Egypt’s court has adjourned the lawsuit filed against both Orascom Construction Industries (OCI) and Athens-based Consolidated Contractors International Company , by Golden Pyramids Plaza to 16 May, said a bourse statement.

Last February, Golden Pyramids Plaza stated that a court has rejected an appeal it filed against OCI.

Golden Pyramids has filed an appeal against a verdict issued by the court in favor of both Orascom Construction Industries (OCI) and Athens-based Consolidated Contractors International Company, in respect to the contract of City Stars complex project.

The verdict ordered Golden Pyramids to pay an amount of EGP 260.8 million and $43.4 million to Orascom Construction and Consolidated Contractors.