SODIC has signed a final settlement agreement on the 6th of December 2018 with the Illicit Gains Authority (IGA). SODIC accepted to pay a total settlement amount of EGP 800m as a final and comprehensive settlement of all allegations raised against SODIC, to be paid over two years. In return, SODIC shall not be requested to pay any additional amounts as regards SODIC’s Sheikh Zayed plot of land, and will be discharged from any claims with respect to this matter. It is worth noting that SODIC is expecting future cash inflows in excess of EGP 9bn from SODIC West. Notably, on 21 of September 2015 a judgement was passed against the former Chairperson of Sixth of October Development & Investment Company (SODIC), Magdy Rasekh in absentia, and in the presence of other defendants, being non-related parties to SODIC, with respect to SODIC’s Sheikh Zayed land of approximately 1,400 feddan.

Source: Daily News Egypt December 09, 2018 22:07 UTC