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Thursday, 4 October 2018

Foreign shareholders in Nile Cotton Ginning to launch arbitration proceedings next month

Foreign shareholders of Nile Cotton Ginning to launch arbitration proceedings soon: Foreign shareholders in Nile Cotton Ginning are planning to bring up an arbitration case in London soon over an eight-year dispute with parent company the Holding Company for Construction and Development (HCCD), Nile Cotton Chairman El Sayed El Saify tells Al Mal. The foreign shareholders’ are looking to claim damages as their 20% stakes were effectively frozen following a 2011 court decision overturning the privatization of the company. The group of shareholders had threatened to file an international arbitration case back in 2016, and had reportedly hired a UAE-based financial adviser.

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