Cairo – Mubasher: Talaat Moustafa Group Holding said its subsidiary - Arab Company for Projects and Urban Development has filed a lawsuit against the New Urban Communities Authority (NUCA).
Arab Company for Projects challenges the interest rate of its dues to NUCA that amount to EGP 1.12 billion.
The economic court has passed the lawsuit to the specialized administrative court, noted the bourse filling.
Earlier, Talaat Moustafa signed a final agreement with NUCA for the settlement of the dispute regarding Madinaty project.
TMG said it agreed with NUCA on the application of the 7% of the total area of land due to NUCA to be at least LE9.979 billion in accordance to the contract signed in 2010, to be 3.195 million sq. meter fully finished buildings to be delivered over the lifetime of the project.
The company will pay the regional services premium for LE1.122 billion, in addition to interests to total LE2.9 billion after interest, and will be paid over 10 years.
