June 20, 2013

State: Egypt tax case shouldn't affect Iowa plant

BY: AP Staff Writer MARCH 5, 2013 | MODIFIED: MARCH 5, 2013 AT 2:31 PM
Leave a comment

IOWA CITY, Iowa (AP) — State officials say allegations of tax evasion against an Egyptian company and its CEO shouldn't affect plans to build a $1.4 billion fertilizer plant in southeastern Iowa.

The Iowa Economic Development Authority said Tuesday it is aware that Egypt's prosecutor has ordered that Orascom Construction Industries CEO Nassef Sawiris and his father be barred from traveling.

Egypt's state news agency says the move came after the country's finance minister requested a criminal case be expedited against them for allegedly evading $2 billion in taxes on the 2007 sale of a subsidiary. The company says it's confident it didn't violate any laws.

Nassef Sawiris appeared with Gov. Terry Branstad last fall to break ground on the fertilizer plant, which has been awarded more than $200 million in state and local incentives.

View article comments Leave a comment

More from washingtonexaminer.com

From the Weekly Standard

  • June 17, 1953

    Today, speaking at the Brandenburg Gate, President Obama paid appropriate tribute to the brave East Germans who rebelled 60 years ago against Communist dictatorship:

    Read More...
  • Problems of the Second Generation

    The Boston Marathon bombings highlighted, once again, the challenges of assimilating Muslim youth. And while the onus of accountability ought not rest exclusively on Muslim Americans, it...

    Read More...
  • Release Osama Bin Laden’s Files on Taliban

    The Obama administration announced on Tuesday that it was moving forward with its attempt to negotiate with the Taliban, which has opened a long-awaited political office in Doha, Qatar. The...

    Read More...