{"id":645833,"date":"2017-07-31T03:53:57","date_gmt":"2017-07-31T03:53:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/"},"modified":"2017-07-31T03:53:57","modified_gmt":"2017-07-31T03:53:57","slug":"golden-pyramids-says-asset-sequestration-by-oci-unlawful","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/","title":{"rendered":"Golden Pyramids says asset sequestration by OCI unlawful"},"content":{"rendered":"<p>Golden Pyramids Plaza says Orascom Construction Industries (OCI) and Consolidated Contractors International began sequestering some of its assets \u201cwithout any legal basis,\u201d according to <a href=\"http:\/\/egx.com.eg\/downloads\/Bulletins\/205688_1.PDF\">a bourse disclosure<\/a>. Golden Pyramids Plaza says it is taking immediate legal action against OCI, asking for the sequestration to be annulled. The company also says the move does not have any significant impact on its financial health. A court of arbitration <a href=\"http:\/\/www.almalnews.com\/Story\/341570\/11\/-%D8%A3%D9%88%D8%B1%D8%A7%D8%B3%D9%83%D9%88%D9%85-%D8%AA%D8%A8%D8%AF%D8%A3-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AD%D8%AC%D8%B2-%D8%B9%D9%84%D9%89-%D8%AC%D9%88%D9%84%D8%AF%D9%86-%D8%A8%D9%8A%D8%B1%D8%A7%D9%85%D9%8A%D8%AF%D8%B2\">had ordered<\/a> Golden Pyramids to pay OCI EGP 260.8 mn and USD 43.4 mn plus interest in March 2015, but the former appealed a number of times the last of which was rejected in a 15 July hearing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Golden Pyramids Plaza says Orascom Construction Industries (OCI) and Consolidated Contractors International began sequestering some of its assets \u201cwithout any legal basis,\u201d according to a bourse disclosure. Golden Pyramids Plaza says it is taking immediate legal action against OCI, asking for the sequestration to be annulled. The company also says the move does not have [&hellip;]<\/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":[9304],"tags":[72,2402],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-645833","post","type-post","status-publish","format-standard","hentry","category-real-estate-housing","tag-enterpriseam","tag-real-estate-housing","wpautop","entry"],"acf":{"mongo_id":"5976770c-33d9-4b54-b753-b35ad2b975f0","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[645802],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Golden Pyramids says asset sequestration by OCI unlawful - 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\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Golden Pyramids says asset sequestration by OCI unlawful\" \/>\n<meta property=\"og:description\" content=\"Golden Pyramids Plaza says Orascom Construction Industries (OCI) and Consolidated Contractors International began sequestering some of its assets \u201cwithout any legal basis,\u201d according to a bourse disclosure. Golden Pyramids Plaza says it is taking immediate legal action against OCI, asking for the sequestration to be annulled. The company also says the move does not have [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-31T03:53:57+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\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Golden Pyramids says asset sequestration by OCI unlawful\",\"datePublished\":\"2017-07-31T03:53:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/\"},\"wordCount\":108,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"Real Estate + Housing\"],\"articleSection\":[\"Real Estate + Housing\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/golden-pyramids-says-asset-sequestration-by-oci-unlawful\/\",\"name\":\"Golden Pyramids says asset sequestration by OCI unlawful - 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Golden Pyramids Plaza says it is taking immediate legal action against OCI, asking for the sequestration to be annulled. 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AAIB appears to have been roped into the wrangling since it apparently acted as financial guarantor for Golden Pyramids.\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632485,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/12\/appellate-court-rejects-appeal-by-golden-pyramids-plaza-against-arbitration-case-with-oci\/","url_meta":{"origin":645833,"position":1},"title":"Appellate court rejects appeal by Golden Pyramids Plaza against arbitration case with OCI","author":"enterpriseam admin","date":"12 February 2018","format":false,"excerpt":"A Court of Appeals rejected another appeal filed by Golden Pyramids Plaza against a court of arbitration ruling from March 2015, which ordered Golden Pyramids to pay Orascom Construction Industries (OCI) and Consolidated Contractors International EGP 260.8 mn and USD 43.4 mn plus interest, Golden Pyramids said in a bourse\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629279,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/27\/economic-court-rejects-golden-pyramids-appeal-against-oci\/","url_meta":{"origin":645833,"position":2},"title":"Economic Court rejects Golden Pyramids\u2019 appeal against OCI","author":"enterpriseam admin","date":"27 May 2018","format":false,"excerpt":"The Cairo Economic Court rejected on Wednesday an appeal filed by Golden Pyramids Plaza against a court of arbitration ruling from March 2015, which ordered Golden Pyramids to pay Orascom Construction Industries (OCI) and Consolidated Contractors International EGP 260.8 mn and USD 43.4 mn plus interest, Golden Pyramids said in\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629880,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/03\/oci-wants-an-fra-to-stop-golden-pyramids-plaza-from-issuing-corporate-bonds\/","url_meta":{"origin":645833,"position":3},"title":"OCI wants an FRA to stop Golden Pyramids Plaza from issuing corporate bonds","author":"enterpriseam admin","date":"3 April 2018","format":false,"excerpt":"Orascom Construction Industries (OCI) has reportedly requested that the Financial Regulatory Authority (FRA) stop Golden Pyramids Plaza from selling corporate bonds until it repays OCI and Consolidated Contractors International c. EGP 305 mn in damages awarded by 2015 arbitration ruling. Reports suggest that FRA is considering the decision. An Appellate\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630048,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/10\/golden-pyramids-plaza-to-issue-usd-60-mn-in-corporate-bonds\/","url_meta":{"origin":645833,"position":4},"title":"Golden Pyramids Plaza to issue USD 60 mn in corporate bonds","author":"enterpriseam admin","date":"10 April 2018","format":false,"excerpt":"Golden Pyramids Plaza\u2019s board has agreed to issue a second tranche of USD 60 mn under a USD 400 mn bond program, according to a company statement. This comes only days after Orascom Construction Industries (OCI) reportedly requested that the Financial Regulatory Authority (FRA) stop Golden Pyramids Plaza from selling\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593617,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/oci-nv-adnoc-complete-fertilizer-merger\/","url_meta":{"origin":645833,"position":5},"title":"OCI NV, ADNOC complete fertilizer merger","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"M&A WATCH- OCI NV, ADNOC fertilizer merger done and dusted: Abu Dhabi National Oil Company (ADNOC) has completed its merger into Orascom Construction Industries (OCI) NV\u2019s nitrogen fertilizers production MENA platform, the local press reported. 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