OCI wins appeal to Egypt's tax authority, Sawiris plans large investments

The independent appeals committee of Egypt's tax authority has ruled in favour of Orascom Constructions Industries in a tax dispute case, the company announced on Tuesday.
"All other previous preliminary rulings related to the tax dispute that were appealed and pending the Appeals Committee’s final ruling are expected to be reversed, including all judgments issued against Chief Executive Officer Nassef Sawiris," said the company's statement.

In July, Sawiris was sentenced in absentia to three years in prison and fines worth LE50 million on charges related to the case.

"I am grateful that ultimately justice has prevailed. This marks the end of a challenging period for OCI and I look forward to a renewed management focus on building for the future. I believe Egypt's future economic prospects have been rejuvenated under the new leadership with a general sense of urgency to restore the country’s investment pipeline and investor trust," Sawiris told Ahram Online in an email.