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Sunday, 3 July 2016

Amer Group owes EGP 75 mn in outstanding debt to Touristic Villages Organization

The Touristic Villages Organization has called on Amer Group to pay EGP 73 mn in building violations and remaining instalments, head of the organization Khaled Abou El Ata told Al Borsa. The New Urban Communities Authority (NUCA) has evaluated the building violations and the receivables from the Marina El Alamein pier’s right-to-use agreement at EGP 50 mn, plus EGP 23 mn in remaining instalments from the Porto Marina land plot, he added. NUCA has transferred the case to the dispute settlement committee at the Investment Ministry.

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