The Saudi investor Abdallah al-Kaaky, owner of NUBASEED in Egypt, estimated his losses as a result of returning Tanta Flax and Oils Company to the Egyptian state at LE1 billion.
Kaaky submitted a report with the estimated losses to Prime Minister Ibrahim Mehleb last week demanding a compensation.
The Saudi investor had incurred losses due to the failure of the Egyptian government, representated by the state-owned Chemical Industries Holding Company, to implement an administrative court ruling, Kaaky argued in the report.
In a press statement issued on Saturday, Kaaky said he would continue to invest in Egypt despite smear campaigns funded by a rights organization and led by a number of former employees with his companies. Kaaky accused his former employees and human rights organizations of taking advantage of the crisis, aiming to defame his image and oust investors operating in Egypt in favor of parties he did not specify.
Kaaky mentioned he spoke to the Egyptian Minister of International Cooperation Naglaa al-Ahwany and told her that the Egyptian does not protect investors in Egypt.
The Egyptian government has to abide by the provisions of law and compensate him for the losses he incurred as a result of returning the Tanta Flax and Oils Company to the state.
Tanta Flax and Oils Company and NUBASEED Company were sold by the government under privatization measures during the Mubarak-era.
The government had retrieved Tanta Flax and Oils Company upon a court verdict after the 25 January revolution being sold below market prices, raising a dispute with the Kaaky.
Many other state-owned companies had been sold to investors below market prices the under Mubarak-era privatization measures. The government attempted to retrieve the companies after the 25 January revolution causing crises with investors.
Edited translation from Al-Masry Al-Youm
