The Administrative Court rejected on Saturday the challenge filed by the National Company for Construction and Development that sought to suspend an earlier verdict in the lawsuit which nullified the privatization of the Nile Cotton Ginning Company (NCGC).
The court upheld the previous verdict and fined the national company LE300.
Shareholders of the NCGC had earlier obtained a verdict that ordered the government to carry out a ruling nullifying the privatization and returning the value of the shares.
The court had previously rejected a challenge by the National Company for Construction and Development that demanded the verdict be halted and that the government return the shares to the NCGC.
The court had ordered the ownership return to the government and nullified the privatization of more than 50 percent of its shares.
Edited translation from Al-Masry Al-Youm