CAIRO: Egyptian billionaire businessman Nassef Onsi Sawiris was handed a primary judicial ruling to a three-year sentence and a fine of 50 million EGP (US $6.99 million) for refraining from paying checks to the Egyptian Tax Authority, Al-Ahram quoted Reuters.
Sawiris, the CEO of Orascom Construction Industries Company, is the youngest brother to the two famous tycoons; Naguib and Samih.
Al-Ahram reported that Orascom Company reached a deal with the Egyptian Tax Authority to settle a tax dispute, where the agreement then stipulated that the company pays 7.1 billion EGP in installments.
Although Orascom had already paid two batches worth 2.5 Billion EGP, it didn’t pay the rest of the scheduled installments since the ouster of former President Mohamed Morsi in July 3, 2013.
Nassef Sawiris was ranked the 183th richest person in the world and fourth in Africa in 2014, his net worth was estimated by Forbes to be $7.3 billion.