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Tuesday, 17 May 2016

Egyptian victims of AA Politiv fraud scandal demand reparations

Egyptian QIZ agreement companies claiming to have been defrauded by Israeli polyethylene sheet manufacturer AA Politiv are demanding reparations and calling on the Egyptian side of QIZ to press for them, Al Shorouk reports. AA Politiv had provided around 68 companies with what Egyptian companies are claiming are bogus receipts for production inputs it sold them that it claims were made in Israel, but were in fact sourced elsewhere. An Israeli court had found AA Politiv guilty of fraud back in April after Israeli customs provided testimony in support of the Egyptian companies. The Israeli side of the QIZ agreement had informed the companies that they must buy the materials purchased from AA Politiv at the same value stated on the receipts from other Israeli companies by June or risk being kicked out of the QIZ agreement. The move places the companies at risk of paying for the same product twice, which has unsurprisingly infuriated them. 15 of the 68 companies have already begun to comply.

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