Egypt court sets next TMG hearing for Nov 22
Cairo, October 25, 2011
An Egyptian court on Tuesday set the next hearing in a land dispute case involving Talaat Mostafa Group (TMG) for Nov. 22, extending a legal wrangle that has rattled investors in the property market.
TMG's $3 billion Madinaty project has been caught up in legal dispute since last year over the purchase of land directly from the state instead of by public auction.
Shares in TMG were down 0.5 per cent at 1051 GMT.
The legal challenge to TMG's flagship Madinaty development last year sparked a sector crisis as several copycat lawsuits were launched. The propety market downturn worsened with the ousting of Egyptian President Hosni Mubarak in February. – Reuters