The administrative prosecution has begun investigations into a new charge leveled at former Prime Minister Ahmed Nazif, accusing him of selling four million square meters of state-owned land in Cairo’s Moqattam district to Emaar, a real estate developing company from the United Arab Emirates, by direct order.
According to the charge, which was submitted by the Al-Nasr Housing Company and the Holding Company for Construction, Tourism and Cinema, Nazif sold the land for as little as LE90 per square meter at a pseudo-auction that was only attended by the representative of Emaar.
Investigations revealed that Emaar bought the land for a total of LE357,386 million on 17 February 2005, to be paid in three installments over two years, and that Nazif and the former minister of investment gave the company additional benefits.
Translated from the Arabic Edition
