Legal Proceedings Report • Mar 4, 2014
Legal Proceedings Report
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Amsterdam, the Netherlands / 4 March, 2014 08:30 AM
OCI N.V. (Euronext: OCI) announced today that the Egyptian Public Prosecutor has fully exonerated the Company's Egyptian subsidiary, Orascom Construction Industries S.A.E. (OCI S.A.E.) of any wrongdoing and all tax evasion claims. The decision was issued on 18 February, 2014 and is decision No. 21/2014. OCI S.A.E. is the predecessor to OCI N.V. and is now a 99.4% owned subsidiary of OCI N.V.
The Egyptian Public Prosecutor requested all related documentation and information from the relevant regulatory authorities in Egypt and has subsequently thoroughly investigated the claims over the last four months.
The tax dispute began in October 2012 after the previous government in Egypt launched an unsubstantiated tax evasion case against OCI S.A.E. in relation to the sale of its cement listed subsidiary Orascom Building Materials Holding (OBMH) to Lafarge SA in 2007.
Since its founding in the 1950's, OCI S.A.E. has conducted all business activities in an exemplary manner in every jurisdiction in which it has operated.
OCI N.V. is a global producer of natural gas-based chemicals and an engineering & construction contractor based in the Netherlands. The Chemicals segment produces nitrogen fertilizers, methanol and other natural gas based products, serving agricultural and industrial customers from the Americas to Asia. We rank among the world's largest nitrogen fertilizer producers with current production capacity of nearly 7 million metric tons in the Netherlands, the United States, Egypt and Algeria. We are also the largest merchant methanol producer in the United States. The Construction segment provides international engineering and construction services primarily on infrastructure, industrial and high-end commercial projects in the United States, Europe, the Middle East, North Africa and Central Asia for public and private clients. It ranks among the world's top global contractors. OCI N.V. employs more than 75,000 people in 35 countries and is listed on the NYSE Euronext in Amsterdam.
Hans Zayed Director Email: [email protected]
Erika Wakid Email: [email protected]
Tel: +31 (0) 6 18 251 367
For additional information on OCI N.V.:
OCI N.V. stock symbols: OCI / OCI.NA / OCI.AS / OCINY
Mijnweg 1, 6167 AC Geleen, The Netherlands
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