World Bank To Challenge Nullifying Omar Effendi's Contract .. Court Hearing on July 3rd, 2011
The funding organization of the World Bank challenged the administrative court ruling #11492/jy65 declared on June 5th , 2010 . The ruling nullified selling 90% of Omar Effendi stocks to Jameel Qanbeet and hence all parties are in the status prior to contract. Consequently, all assets of Omar Effendi are state property free of debts and mortgages performed by the buyer. As well , the court ruled to nullify selling 5% of the capital to the funding organization of the World Bank.
Arguments of the appeal document
1- Incompetency of administrative court to rule in civil disputes but rather regular courts.
2- Nullifying the contract between the Egyptian government and Qanbeet does not consequently nullify the contract between Qanbeet and the funding organization.
3- Incompetency of the court in to rule in the selling contract of 5% of Omar Effendi between Qanbeet and the funding organization as they follow the special law
4- Invalidity of nullifying the contract of the funding organization as they were not part in the lawsuit.
5- The court extended its ruling to what was not requested by the disputing parties in the lawsuit.
The court set the date 3/7/2011 to review the appeal in the same circuit that issued the challenged ruling ,investment circuit 7, as per the Egyptian procedures act .
To review the appeal
