Sale of Egypt's Omar Effendi annulled by court

Egypt: The 2006 sale of 90% of Egypt’s state-owned department store Omar Effendi for EGP589.5m to Saudi Arabia’s Anwal United Trading Co has been annulled by the country’s Supreme Administrative Court, Ahram has reported. The court rejected appeals by Anwal head Jamil Al-Kanbit, along with National Bank of Egypt and Bank Audi, against a 2011 ruling by the State Council’s Administrative Court, and invalidated the deal on grounds that it had violated Egyptian law as it was done through direct order rather than a public auction. []

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