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OCI agrees to pay $1bn in Egypt tax settlement
- Egypt: Wednesday, May 01 - 2013 at 05:29
Egypt's Orascom Construction Industries (OCI) has agreed to pay about EGP7bn ($1bn) over five years to settle the tax dispute on the sale of its cement unit to Lafarge in 2007, Bloomberg has reported. The payments will start in May and end in 2017, OCI said. The Egyptian Tax Authority determined that "there was no tax evasion by the company and is exonerating management and the company from any wrongdoing related to the transaction," the company said.
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