Egyptian tycoon Samih Sawiris, whose company, Orascom Development, is developing a resort in central Switzerland, has been spared a prison term.
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Orascom said it had been able to reach an agreement with Egypt’s finance authorities.
It told the Swiss News Agency on Wednesday that it was pleased that both the jail sentence and the related fine had been dropped. The company declined to comment on the details of the settlement.
In late August, Sawiris was sentenced to two years in jail for manipulating the firm’s stock price. He also received a fine of SFr6,790 ($8,400).
The company appealed against the verdict, which was not final. However, Sawiris had to pay bail of SFr2,700.
Orascom is currently developing a resort in the village of Andermatt in canton Uri. The resort – which will feature six hotels, more than two dozen villas and nearly 500 apartments – will be the largest of its kind in the Alps.
The resort is expected to open for business in the winter of 2013/2014. Critics are wary of the potential environmental impact.
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Egyptian tycoon Sawiris receives jail sentence
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Sawiris, who is currently developing a major resort in Andermatt in central Switzerland, was also sentenced for providing incorrect data on the company’s finances. In addition, the businessman was fined about $8,401 (SFr6,790) and denied the right to trade in the stock market for one year, Orascom Development Holding said in a statement on Monday,…
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Egyptian Samih Sawiris tells swissinfo.ch that his three-pronged approach of investment, attracting the right buyers and keeping locals involved will stop it becoming a “ghost town” out of season. Sawiris’s firm Orascom Development is ploughing over $1 billion (SFr966,000) into the project, his first in Europe. Andermatt, which lies on the Gotthard route, will be…
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A letter of intent published on Wednesday shows that Andermatt Swiss Alps – a subsidiary of Sawiris’ Orascom Development – is joining forces with SkiStar. Together they plan to invest SFr140.8 million ($159.8 million) in the project. “The development is conditional on agreements being reached with existing shareholders, creditors and the respective cantons of Graubünden…
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