CAIRO, Nov 4 (Aswat Masriya) - Orascom Construction Industries (OCI), run by billionaire construction tycoon Nassef Sawiris, said on Tuesday that it has won its dispute with Egypt's Tax Authority.

An Egyptian misdemeanour court upheld on September 14 a court order sentencing Sawiris to three years in prison and a 50 million Egyptian pound-fine for refraining from paying due cheques to the Tax Authority.

OCI had stressed shortly after the court ruling that it was resolving its conflict with Egypt's Tax Authority in front of the authority's Independent Appeals Committee, the body responsible for overseeing the tax dispute.

"OCI is pleased to announce today that the Egyptian Tax Authority’s Independent Appeals Committee … has ruled in favor of the Company," OCI said in a statement on Tuesday.

The company added that it expects the nullification of "all other previous preliminary rulings related to the tax dispute," including sentences served to Sawiris.

“We are pleased that this dispute has now been resolved," Sawiris said in the statement, commenting on the Appeals Committee's ruling. "This is not only a victory for the Company and all its stakeholders, but also for the rule of law and the general investment climate in Egypt. The outlook for Egypt is very promising, and we continue to be committed to channeling resources towards growth and new investments in the country.”

Sawiris had appealed the initial court verdict sentencing him to prison in July. He nevertheless failed to show up in court on September 14, reported Reuters.

OCI had reached a settlement agreement with the Tax Authority last year regarding the sales of its cement sector in 2007. The company was asked to pay 7.1 billion Egyptian pounds in 10 installments, as per the agreement.

OCI only paid 2.5 billion Egyptian pounds, refraining from paying the remainder of the sum.

OCI described the tax evasion claim, put forth in October 2012, as "unsubstantiated". It added that it reached a settlement with the authorities due to "the significant strain and repercussions faced by OCI, which would not have been in the best interest of the Company’s stakeholders."

The company added that in February 2014, under the interim government which followed the rule of ousted Islamist President Mohamed Mursi, Egypt's Prosecutor General "exonerated" OCI of the tax evasion. Accordingly, the company appealed the reached settlement in front of the Independent Appeals Committee.

OCI sold its cement sector to French cement giant Lafarge for 12 billion U.S. dollars in 2007.