Egypt's general prosecution is supposed to have reached a settlement on Wednesday with the Madinaty real estate project, owned by Talaat Moustafa Group Holding, according to a statement by the General Prosecutor's office. As per the settlement, TMGH is expected to pay EGP 3 bn to the government for changing purpose of portions of Madinaty project settlement also increases government’s share of fully-finished residential units in the project by 1.16 msqm to total 3.2 msqm.
As per the recent developments, government’s extra share of units are valued at EGP 6.16bn.
This judgment looks more like a business deal rather than a court judgment in our view. Egypt's court's judgments apparently are still politically driven and affected by the governing politicians, which is highly criticized by legal critics.
As per the recent developments, government’s extra share of units are valued at EGP 6.16bn.
This judgment looks more like a business deal rather than a court judgment in our view. Egypt's court's judgments apparently are still politically driven and affected by the governing politicians, which is highly criticized by legal critics.
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