{"id":558305,"date":"2021-08-04T04:22:37","date_gmt":"2021-08-04T04:22:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/el-gouna-developer-fighting-usd-34-mn-fine\/"},"modified":"2021-08-04T04:22:37","modified_gmt":"2021-08-04T04:22:37","slug":"el-gouna-developer-fighting-usd-34-mn-fine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/el-gouna-developer-fighting-usd-34-mn-fine\/","title":{"rendered":"El Gouna developer fighting USD 34 mn fine"},"content":{"rendered":"

<\/a> The Environment Ministry is asking Orascom Development Egypt to cough <\/strong>up almost USD 34 mn<\/strong>, alleging that the company has caused environmental damage in El Gouna. The company said in a bourse filing (pd<\/a>f)<\/a><\/sup> yesterday that it received a USD 33.9 mn compensation claim from the ministry\u2019s Environment Protection Agency (EPA) in relation to its flagship Egypt destination. The ministry reportedly claims ODE inappropriately disposed of building materials, damaging the marine environment in the process.<\/p>\n

The problem is, ODE says it doesn\u2019t know what it\u2019s being fined for:<\/strong> The EGX-listed company, part of the Sawiris family empire, said in a statement that the EPA has not provided evidence of its claims and has not responded to the company\u2019s request for further information. ODE also says that a formal request was sent to the authority asking to be provided with technical reports or to reach a settlement on the compensation claims, which ODE says it was only informed about verbally. \u201cODE has not been given the opportunity to respond, whether technically or legally, to the allegations before the issuance of the claim,\u201d the company wrote. We spoke yesterday with a company official confirmed ODE still hasn\u2019t heard back from the authority.<\/p>\n

Two separate letters from the EPA and ODE \u2014 copies of which were obtained by <\/strong>Hapi Journal<\/a><\/strong> \u2014 suggest some of the fines cover damage caused to El Gouna at the time of the\u201cdragon\u201d storm<\/a>, which slammed into Egypt in March 2020. The total sum also allegedly includes an EGP 333k fine for breaching the Environment Act by failing to submit reports to the EPA on the project\u2019s environmental impact before beginning work, as well as an EGP 33k fine for breaches of other other articles of the law.<\/p>\n

The Environment Ministry declined to comment on the issue<\/strong> yesterday when we reached out asking for more information.<\/p>\n

ODE has a reputation for being a good steward of the environment<\/strong> and has made its destinations\u2019 natural beauty one of its primary marketing pillars. The company said yesterday that it has \u201calways been strongly committed to the environment\u201d and claims it is compliant \u201cwith all environmental laws.\u201d<\/p>\n

ODE\u2019s shares slumped <\/strong>9.3% in trading yesterday.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Environment Ministry is asking Orascom Development Egypt to cough up almost USD 34 mn, alleging that the company has caused environmental damage in El Gouna. The company said in a bourse filing (pdf) yesterday that it received a USD 33.9 mn compensation claim from the ministry\u2019s Environment Protection Agency (EPA) in relation to its […]<\/p>\n","protected":false},"author":1,"featured_media":558306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8666],"tags":[257,72,7125,256],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-environment","tag-el-gouna","tag-enterpriseam","tag-environment","tag-orascom-development-egypt","wpautop","entry"],"acf":{"mongo_id":"1cbb5314-e553-44f6-9b4e-e31cb0c71b54","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/82.jpg","photo_position":"above","related_issue":[558299],"teaser":"","voice_url":""},"yoast_head":"\nEl Gouna developer fighting USD 34 mn fine - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/el-gouna-developer-fighting-usd-34-mn-fine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Gouna developer fighting USD 34 mn fine\" \/>\n<meta property=\"og:description\" content=\"The Environment Ministry is asking Orascom Development Egypt to cough up almost USD 34 mn, alleging that the company has caused environmental damage in El Gouna. 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ODE had signed an EGP 200 mn agreement with Thomas Cook to develop a Gouna hotel and rebrand another in the same town. The agreement\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592034,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/24\/orascom-development-egypt-to-launch-three-projects-in-el-gouna-in-2020\/","url_meta":{"origin":558305,"position":4},"title":"Orascom Development Egypt to launch three projects in El Gouna in 2020","author":"enterpriseam admin","date":"24 December 2019","format":false,"excerpt":"Orascom Development Egypt (ODE) is planning to launch three projects in El Gouna in 2020, including a hotel and two other real estate projects, CEO Khaled Bichara said, according to Al Mal. 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