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Egyptian Public Prosecutor Fully Exonerates Orascom Construction Industries of Tax Evasion Claims
OCI N.V. (Euronext: OCI) announced today that the Egyptian Public Prosecutor has fully exonerated the Company’s Egyptian subsidiary, Orascom Construction Industries S.A.E. (OCI S.A.E.) of any wrongdoing and all tax evasion claims. The decision was issued on 18 February, 2014 and is decision No. 21/2014. OCI S.A.E. is the predecessor to OCI N.V. and is now a 99.4% owned subsidiary of OCI N.V.
The Egyptian Public Prosecutor requested all related documentation and information from the relevant regulatory authorities in Egypt and has subsequently thoroughly investigated the claims over the last four months.
The tax dispute began in October 2012 after the previous government in Egypt launched an unsubstantiated tax evasion case against OCI S.A.E. in relation to the sale of its cement listed subsidiary Orascom Building Materials Holding (OBMH) to Lafarge SA in 2007.
Since its founding in the 1950’s, OCI S.A.E. has conducted all business activities in an exemplary manner in every jurisdiction in which it has operated.