Egypt Businessman Naguib Sawiris Loses Court Case Against Algeria

Egyptian businessman, Naguib Sawiris, loses his case against the Algerian authorities before international arbitration, as he asked for a $ 4 billion compensation on damages for allegedly destroying his company’s Orascom Telecom branch in 2008.

Orascom Telecom accused Algeria of launching a campaign against it in 2008 by using the tax card to destroy it, the American LAW 360 website reported on Wednesday.

Washington court considered the case closed in accordance with a previous settlement after the government’s acquisition of Orascom Telecom shares in 2014.

It also ordered the payment of the litigation rights, which represent $ 625,000, in addition to paying $ 3.5 million in compensation to Algeria as court fees.