Arab Finance: Company reviewed Castle Financial Investments (CCAP)Details of the administrative seizure that the Customs Authority signed on the Egyptian Refining Company.
The castle explained, in Her statement What was sent to the Egyptian Stock Exchange stated that at the beginning of this November, a committee from the Customs Authority went to the Egyptian Refining Company for the purpose of signing an administrative seizure on the company in the amount of 378.82 million pounds.
The amount represents tax differences and customs duties due on 15 customs declarations, in addition to an additional tax of 1.5% of the total taxes due.
She added that the Egyptian General Petroleum Corporation wrote to the Customs Authority as follows:
It is not permissible to administratively seize Egyptian Refining, based on the fact that the Petroleum Authority is the competent authority to finalize customs procedures related to the aforementioned customs data, and therefore it must be referred to exclusively.
– Egyptian Refining Company is not responsible for the petroleum products included in the seizure report, as there is no legal basis to hold it responsible for the alleged violations.
In a letter addressed to the Customs Authority, the Petroleum Authority recommended ending the dispute.
However, on November 17, the Customs Authority signed an administrative seizure under the control of third parties with a number of banks on the bank accounts of the Egyptian Refining Company, the Arab Refining Company, and a group of current and former board members representing Egyptian companies and international financial institutions.
On November 20, negotiations between Egyptian Petroleum and the Customs Authority succeeded in having the Customs Authority lift the administrative detention.
Citadel Capital is the leading investment company in Africa and the Middle East. The value of Qalaa Holdings’ investments amounts to US$9.5 billion through 10 subsidiaries across 15 countries, to establish investment projects in 5 strategic sectors: energy, transportation and logistical support, agriculture and food industries, mining, cement and construction.
Qalaa Holdings has its roots in being the largest direct investment company on the African continent, and was established with the aim of developing projects and investments to meet the needs of more than 1.3 billion consumers across 15 countries in the region.
Qalaa Holdings has a special passion for entrepreneurs and those with innovative ideas and projects. Qalaa Holdings looks forward to establishing more innovative projects and sustainable investments in order to create and maximize value for all relevant parties.
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