OCI to settle tax dispute with Lafarge

OCI has agreed to pay about EGP7bn (US$1bn) over five years to settle a tax dispute on the sale of its cement unit to Lafarge back in 2007, Bloomberg has reported.

The payments will start in May this year and end in 2017, OCI said. The Egyptian Tax Authority determined that "there was no tax evasion by the company and is exonerating management and the company from any wrongdoing related to the transaction," the company said.