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Egypt to Present Solution in Days on Talaat Land Case

Sept. 16 (Bloomberg) -- Egypt’s government lawyers will present within days to Prime Minister Ahmed Nazif a legal solution for Talaat Moustafa Group’s Madinaty land purchase that was deemed illegal by courts, Cabinet spokesman Magdy Rady said.

“We respect the decisions of the judiciary and this was essentially an administrative mistake in the signing of the contract,” Nazif told reporters in Cairo today. “There was no corruption or misuse of public funds.”

The prime minister said the price that the government sold land to Cairo-based Talaat Moustafa wasn’t less than land sold at auctions. Rady spoke to reporters with Nazif.

An Egyptian court on Sept. 14 upheld a ruling canceling the sale of a 33 million-square-meter (355 million-square-foot) plot of government land to Talaat Moustafa by the state-run New Urban Communities Authorirty.

The country’s public prosecutor ended an investigation into Talaat Moustafa’s purchase of the land on the outskirts of Cairo without pressing charges, Al Akhbar reported last month, without saying where it got the information. The New Urban Communities Authority received housing units valued at 13 billion Egyptian pounds ($2.3 billion) in exchange for selling the land to the real-estate developer, according to the newspaper.

Talaat Moustafa shares fell 3.9 percent to 6.23 Egyptian pounds as of the 2:30 p.m. close in Cairo, valuing the company at 12.6 billion pounds.

To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net

To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net

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