Orascom, Consolidated Contractors seize Golden Pyramids balances

CAIRO – 27 July 2017: Orascom Construction Industries and Consolidated Contractors International Co seized the balances of Golden Pyramids Plaza, owner of City Stars Project, at some banks as well as clients’ dues, as per a court ruling in their favor.

In 2006, Golden Pyramids has refrained from paying the dues to the two companies, which were implementing the City Stars project, and as a result the two companies filed an arbitration case.

In December 2014, the court ruled in favor of Orascom and its partner and awarded them a compensation for the damages they incurred.

Orascom’s share of the award amounted to $40 million, calculated according to interest rates at the time of the award date.