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Egypt govt vows to protect TMG investors

Cairo, September 20, 2010

Egypt will protect investors exposed to an ongoing dispute over the sale of state land to real estate company Talaat Moustafa Group (TMG), the country's finance minister said on Monday.

'The government wil preserve the rights of all the shareholders and buyers,' Youssef Boutros-Ghaali said at an event in Cairo.

'The Attorney General has confirmed there was no fraud. It is an issue that will be fixed. It will be done within the next few days,' he said.

Shares in TMG tumbled last week after a court upheld a ruling that a housing ministry body broke the law by selling land for the company's landmark project without an auction. - Reuters




Tags: Egypt | real estate | TMG | Talaat Moustafa Group | Madinaty |

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