The Egyptian Resorts Company (ERC) has announced legal action to scrap contracts for four land plots sold in June 2015 for USD 40 mn due to the companies’ failure to make payments, the company said in an EGX disclosure (pdf). ERC did not name the companies involved, but said they only paid USD 10 mn of the above mentioned amount, which they had agreed to pay in five years at most. A Court of Urgent Matters will look into the case on 3 October.

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