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Egypt government to protect TMG investors – finmin

The government will preserve the rights of all the shareholders and buyers-says finance minister.

September 20, 2010 2:57 by

Egypt’s government will protect investors exposed to an ongoing dispute over the sale of state land to real estate firm Talaat Moustafa Group (TMG) , the country’s Finance Minister said on Monday.

“The government wil preserve the rights of all the shareholders and buyers,” Minister Youssef Boutros-Ghali said at an event in Cairo.

“The Attorney General has confirmed there was no fraud. It is an issue that will be fixed. It will be done within the next few days,” he added.

Shares of property firm TMG tumbled last week after a court upheld a ruling that a housing ministry body broke the law by selling land for the company’s landmark project without an auction.

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