Egyptian tycoon Samih Sawiris, whose company, Orascom Development, is developing a resort in central Switzerland, has been spared a prison term.This content was published on September 7, 2011 - 14:59
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.