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.
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.
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.
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.
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.
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.
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.