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FINANCIAL NEWS
Damac appeals corruption case in Egypt
18 May 2011
(MENAFN) UAE-based Damac Properties stated that is started an international law suit against Egypt for appealing the conviction of the developer’s chairman, Hussain Habib Sajwani, in a corruption case, reported Arab News.
According to the statement, Damac claims that the Egyptian court took a very rushed decision that was charged by the political unrest that took over the country in the recent months. Damac said that the ruling against Sajwani was taken in absentia.
The ruling came for the case of a deal signed five years ago, under which Damac bought a land of a total area of thirty million square meters along the Red Sea coast at a price found too low by court. However, Damac says that even if this was true, the transaction was done legally. Damac adds that such baseless rulings could affect the world’s views of investing in Egypt.
It is worth noting that Sajwani was sentenced to be held in prison for five years amd was fined USD40.5 million.
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