Egypt's Illicit Gains Authority Recovers 554 Million Egyptian Pounds from Settlement in Land Dispute

Egypt's Illicit Gains Authority has recovered 554 million Egyptian pounds in a settlement related to a partnership deal for a Cairo parking lot development project.

• The Illicit Gains Authority concluded a judicial settlement that returned 554 million pounds to the Egypt Tourism Company from a private real estate firm.
• Investigations found that private company officials received approximately 341 million pounds without legal right and failed to execute required construction work under the partnership agreement.
• The settlement covered liquid assets and real estate properties, with the authority issuing a decision to close the criminal case against the private company.