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Tax Charges Against Orascom Boss Shouldn’t Affect LeeCo Fertilizer Plant Project: State Officials
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.