May 12 2011 |
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Egypt goes to Interpol for Damac chairman: reports
By By Staff Uncertainty surrounds case as Damac refutes all chargesA cross-section of the Arabic press continued to file differing reports on the issue, with no clear picture emerging yet.
The big story of the day came from Al Akhbar which stated that the court decision came after Attorney General Abdel Meguid Mahmoud issued a memorandum to Interpol for the arrest of Sajwani and Al Hazeq.
Egyptian tourism minister Zuhair Garanah and Egyptian businessman Hicham Al Hazeq, have also been sentenced in the case.
"The allegations against Damac and against the chairman of the board are unfounded," it said.
Damac added that all properties that it has bought in Egypt are within the framework of laws and governmental regulations in force at the conclusion of the contract.
It stated that the company has the utmost integrity in all dealings in Egypt. It added that further legal avenues are being evaluated.
Zuhair Garanah has been charged with abusing public funds worth $51 million by selling large plots ofland, believed to be rich in oil, to Al Hazeq and Sajwani at very low prices, according to Elaph website.
The court also fined Garanah and Al Hazeq a joint amount of 57.861 million Egyptian pounds, and Garanah and Sajwani a joint amount 632.007 million Egyptian pounds.
The two businessmen were served the five-year sentence in absentia. The land is to be confiscated by th estate, the court said.
The court ordered the Tourism Development Authority to take back all the plots.
The Court confirmed that the land was sold without public bidding where different companies compete in accordance with the principles of integrity, transparency and free competition.
© Emirates 24|7 2011
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