The Cabinet will soon announce a number of important settlements with Indian and Gulf investors to avoid paying compensations up to LE10 billion to investors who filed international claims against the Egyptian government, Al-Masry Al-Youm reported Friday.
An Indian investor bought Indorama Shebin Textiles Company before an Egyptian court annulled the contract returning the company to the state.
Another dispute is on a land bought in Maadi district by an Emirati company and its contract was annulled by court.
The Investment Ministry has been negotiating the dispute for long with both investors. It agreed with the Indian investor to waive the international claim he filed against the government and receive US$160 million. The Cabinet is yet to approve the deal.
The Steam Boilers and Pressure Vessels company crisis is one of the complicated crises as the investor has sold part of the company's lands to other companies before a court issued a ruling reinstating the company, a Cabinet source said.
The Investment Ministry has been holding intensive meetings with the investors involved in the dispute to reach a middle ground soon, the source added.
The Investment Ministry settled 14 conflicts with investors out of 25 during the Economic Conference held mid-March. The rest are subject to negotiation.
Edited translation from Al-Masry Al-Youm
