Nassef Sawiris News
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Orascom Construction Industries’s settlement of a tax dispute in Egypt will help a move backed by Microsoft Corp. founder Bill Gates to transfer its shares to Amsterdam, EFG-Hermes Holding SAE and VTB Capital said.
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Orascom Construction Industries rose the most in a month as Egypt’s biggest publicly traded company said tax negotiations with the government are at an “advanced” stage.
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The daughter of jailed Egyptian businessman Ahmed Ezz said her father is rejecting offers for his steel company after courts under the new Islamist government fined him $3.8 billion and sentenced him to 44 years in prison.
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Orascom Construction Industries expects a transaction backed by Bill Gates for transferring the company’s shares into an Amsterdam-based unit to be concluded within four weeks, an executive said today.
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Bill Gates is leading a group of U.S. investors committing $1 billion for a stake in construction and fertilizer company OCI NV in one of Egypt’s largest foreign currency inflows since the 2011 uprising.
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Orascom Construction Industries, the Cairo-based company transferring to Amsterdam, said Egypt hasn’t informed it of new tax claims after imposing a travel ban on billionaire Chief Executive Officer Nassef Sawiris.
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Hundreds of workers from Orascom Construction Industries protested against the Egyptian government’s accusation that the company owes 14 billion pounds ($2.1 billion) in back taxes, a charge they say threatens their livelihoods.
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Egypt’s benchmark stock index tumbled the most in three months after the government escalated a dispute with Orascom Construction Industries over taxes dating back to 2007.
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Orascom Construction Industries, Egypt’s biggest publicly traded company, said it will expand fertilizer and construction operations in the U.S. as second- quarter profit retreated.
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Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
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