Just confirmation of the governments approval and the on going debate (in English)....... http://weekly.ahram.org.eg/News/5968/18/Investment-law-approved.aspx
RE: The new law
Many thanks for the post Siko. The link is very helpful indeed. What I can gather is that only parties to the contract mechanisms can challenge the validity of the contract in court. An Egyptian citizen [and perhaps any 3rd party] can take anyone [including foreign investors] to a criminal court to prove they committed crimes against the public good [eg. fraud corruptions etc]. That's all good to prevent new challenges in court. Unfortunately I couldn't find anything in there so far which would impact existing cases. I note however that the link contains an interpretation of the text [or perhaps just some of the text] rather than the text itself. So the way this 'prevention' is worded could still be enough, especially since CEY is in a civil as opposed to a criminal case.
Very clear thanks Siko - I'm sure everyone appreciates your continued interest. It will be fascinating to see reactions to this from investors, the public and possibly cey - although I expect them to keep their opinions to themselves - refraining from comment, bearing in mind the delicacy of the situation, until they are sure they know what the full implications for the company are and whether it will in fact impact the cc.
The new law
sinner, I think this is what you were looking for. Here are the details of the new law: http://www.shorouknews.com/news/view.aspx?cdate=16042014&id=50d79fa0-228d-479a-95f2-55bf580b4485 It is different from the previous one and consists of 3 points: 1) In addition to the contracting parties, it now allows certain people to appeal against the contract (e.g: share holders and other investors who entered the auction for the contract) 2) Courts to refuse cases filed by anyone else not mentioned in point 1. 3) The law will come into force the day following the date of its publication in the Official Gazette. According to sources, the new law is now deemed constitutional. A bit more info in the link, let me know if any part was not clear.
RE: Any interest in CEY ????
Longl-term CEY might well go that way. Just look at the major shareholders on p 25 of http://www.centamin.com/centamin/uploads/reports/presentation/March_2014_Centamin_Investor_Presentation.pdf It is full of hedgies.
I have been in this stock since the outset and held when it was £2.00 and the production was much lower then and stage 4 still in the development stage, if all goes well and Centamin win the court case then the price will rocket to considerably more than £2.00 and a good divi will be paid ,so I am certainly staying put as Centamin will be a big player itself any time soon! Tibbs
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