Back to the complete issue
Sunday, 2 April 2017

Utsch AG withdraws case filed against Egypt, resolution reached

 Nasr reaches resolution with Utsch AG, company withdraws arbitration case: Germany’s Utsch AG has agreed to withdraw the international arbitration case it filed against Egypt in regards to what was known as the “license plates” case, according to sources at the Investment and International Cooperation Ministry. Utsch and its subsidiaries had filed an international arbitration case against Egypt seeking compensation for damages in ICSID Case No. ARB/13/37 after its CEO Helmut Jungbluth was sentenced to prison in absentia. The Ministerial Committee for Settlement of Investment Contract Disputes told Enterprise that Investment and International Cooperation Minister Sahar Nasr, who spearheaded the efforts to resolve the dispute, has instructed all government entities to expedite the resolution process, which did not involve a settlement, but rather Utsch withdrawing its case altogether after more than a year of negotiations. You can find more background on the case here.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.