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Tuesday, 28 November 2017

CDCM pursues legal action against Peugeot

CDCM pursues legal action against Peugeot: Arabia Investments, Development and Financial Investment Holding Company (AIND) announced yesterday that subsidiary Cairo For Development and Cars Manufacturing (CDCM) has formally started legal proceedings against Peugeot Citroen for unexpectedly ending their 41 year-old partnership. The group hired attorney Ashraf Yehia, an international arbitration expert, to take on the case. Last week, CDCM said it was trying to contact Peugeot to understand why it had terminated the contract, vowing to take legal action to protects its stakeholders’ rights and interests. This comes one day after the Peugeot-Citroen arm of Groupe PSA reportedly chose a consortium of Mansour Group and Dubai-based Scope Investment to be its licensed distributor of Peugeot vehicles in Egypt. The French car maker is expected to make a formal announcement within the month, as the Mansour Group is reportedly looking to begin trading in the brand by early 2018.

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