Back to the complete issue
Monday, 31 July 2017

Golden Pyramids says asset sequestration by OCI unlawful

Golden Pyramids Plaza says Orascom Construction Industries (OCI) and Consolidated Contractors International began sequestering some of its assets “without any legal basis,” according to a bourse disclosure. Golden Pyramids Plaza says it is taking immediate legal action against OCI, asking for the sequestration to be annulled. The company also says the move does not have any significant impact on its financial health. A court of arbitration had ordered Golden Pyramids to pay OCI EGP 260.8 mn and USD 43.4 mn plus interest in March 2015, but the former appealed a number of times the last of which was rejected in a 15 July hearing.

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 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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.