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Egypt's prosecution reclaims billions of pounds lost in land sale
A view of an under-construction housing project called Madinaty by the Talaat Moustafa Group about 40 km (25 miles) east of Cairo September 16, 2010, 2010. REUTERS/Mohamed Abd El-Ghany
CAIRO, Feb 25 (Aswat Masriya) - Egypt's public prosecution reclaimed on Wednesday 9 billion Egyptian pounds ($1.17 billion) initially lost during the sale of a piece of land to a giant real estate project.
Egypt's top prosecutor Hisham Barakat announced in a statement that he agreed to a settlement proposed by Talaat Moustafa Group, a leading real estate company in Egypt, to pay the sum of money.
The Supreme Administrative Court had nullified in 2010 the contract for the sale of the land upon which the Talaat Moustafa Group built a real estate project, Madinaty. The court had considered the land's sales price "too small" for the value of the land.
Madinaty is a residential compound stretching over eight thousand acres of land on the outskirts of Cairo.
