Public Prosecutor Hesham Barakat approved restoring LE9 billion to Talaat Mostafa Group (TMG), which owns Madinaty project.
In a statement, Barakat said that Madinaty returned the money required by the New Urban Communities Authority, according to reports by the technical committees formed by the State Funds prosecution.
TMG's Madinaty real estate project has been mired in a legal row since a court said the land on which it is built should have been sold at auction. The US$3 billion project has been caught up in a legal dispute since 2010 over the purchase of land directly from the state instead of by public auction.
Edited translation from Al-Masry Al-Youm
