{"id":595390,"date":"2019-09-24T04:40:59","date_gmt":"2019-09-24T04:40:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/"},"modified":"2019-09-24T04:40:59","modified_gmt":"2019-09-24T04:40:59","slug":"erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/","title":{"rendered":"ERC announces legal action to scrap USD 40 mn-worth contracts"},"content":{"rendered":"

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\u2019 failure to make payments, the company said in an EGX disclosure (pdf)<\/a>. 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9346],"tags":[957,2376,4164,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595390","post","type-post","status-publish","format-standard","hentry","category-egypt-politics-economics","tag-dispute-watch","tag-egypt-politics-economics","tag-egyptian-resorts-company","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"5d895b86-a86e-4ab7-9cb7-e806531aa77a","is_powered_by":true,"section_story_id":"34c3dc70-61ef-4340-889d-d05f22e88e60","story_type":"1","photo_url":"","photo_position":"above","related_issue":[595357],"teaser":"","voice_url":""},"yoast_head":"\nERC announces legal action to scrap USD 40 mn-worth contracts - 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\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ERC announces legal action to scrap USD 40 mn-worth contracts\" \/>\n<meta property=\"og:description\" content=\"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\u2019 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 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-24T04:40:59+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"ERC announces legal action to scrap USD 40 mn-worth contracts\",\"datePublished\":\"2019-09-24T04:40:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/\"},\"wordCount\":89,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"dispute watch\",\"Egypt Politics + Economics\",\"Egyptian Resorts Company\",\"EnterpriseAM\"],\"articleSection\":[\"Egypt Politics + Economics\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/erc-announces-legal-action-to-scrap-usd-40-mn-worth-contracts\/\",\"name\":\"ERC announces legal action to scrap USD 40 mn-worth contracts - 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ERC is a major public private partnership (PPP) megaproject led by Qalaa, and is scheduled to come online later this year.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628624,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/09\/qalaa-considering-increasing-stake-in-erc\/","url_meta":{"origin":595390,"position":1},"title":"Qalaa considering increasing stake in ERC","author":"enterpriseam admin","date":"9 May 2018","format":false,"excerpt":"Qalaa eying additional stake in Egyptian Refining Company: Qalaa Holdings announced yesterday that it is looking to increase its ownership of its greenfield Egyptian Refining Company (ERC) by acquiring or subscribing to additional shares in its subsidiary Orient Investment Properties, Qalaa said in a regulatory filing (pdf). 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