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Egypt bans third-party challenges to contracts

: Monday, April 14 - 2014 @ 01:17

The Egyptian cabinet has approved a draft investment law that prevents third parties from challenging contracts made between the government and an investor, a move that could boost the struggling economy, Reuters has reported. “The cabinet approved today a draft law that limits appeals on contracts between the government and investors to the parties involved only,” a government official told the news service. Since the 2011 revolt, Egyptian courts have issued at least 11 rulings ordering the state to reverse deals signed by the former president’s administration. The lawsuits have been brought by activists and lawyers who allege that companies were sold off too cheaply in deals that were representative of corrupt business practices during the Mubarak era.

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Monday, April 14- 2014 @ 1:17 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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