Orascom Construction Industries (OCI) is confident in its position in the ongoing tax case as the company continues to fulfill its
“fiduciary duty by combating an unjust situation enforced by the Muslim Brotherhood regime” , construction tycoon and CEO of OCI Nassef Sawiris exclusively told the Daily News Egypt following his suspended three-year imprisonment sentence.
“We continue to be committed to investing in Egypt and supporting our core Egyptian work force in our capacity as Egypt’s largest private employer,” Sawiris added.
AhramOnline reported Tuesday that Sawiris was sentenced in absentia to three years imprisonment on charges of tax evasion. The imprisonment verdict, however, has been suspended and rendered unenforceable.
In 2013, the company reached a settlement with the ETA, agreeing to pay EGP 7.1bn in ten instalments over the next four years. However, the prosecutor general acquitted the company from the case in 2014.
An official at the company said that “OCI has already filed a lawsuit to challenge the tax settlement enforced by the Muslim Brotherhood regime.”
“This lawsuit is fully based on the decision of the prosecutor general,” the official said.