The Talaat Moustafa Group (TMG) announced today its intention to appeal a Supreme Court ruling that revoked the sale of state land to the firm for a housing project.
The decision upheld a lower court decision to cancel the sale of eight thousand feddans of land to Talaat Mustafa’s Madinaty project.
In a statement TMG, owned by business tycoon and National Democratic Party member Hisham Talaat Mustafa, said it will lodge its appeal as soon as it receives details of the grounds for the annulment.
TMG insists on protecting all the legal rights generated by the contract, even in the case of there having been a procedural violation, which it says could be rectified without infringing the rights of the group and its clients.
The contractual parties in question are the state-run New Urban Communities Authority and the Arab Company for Projects and Urban Development, which is owned by NDP member Mustafa.
A report by the Central Auditing Organization said the contract included serious legal violations.
Egyptian businessman Hamdi al-Fakharani had previously filed a lawsuit calling for the cancellation of the Madinaty contract which he claimed wasted an estimated LE147 billion–the total revenue generated by Madinaty.