The “Golden Pyramids Plaza” company revealed that the consideration of two lawsuits to dispute the validity of the precautionary seizure procedures on the trademarks owned by it has been postponed to the January 26 session.
And the Golden Pyramids Plaza announced, in early February 2020, a lawsuit was filed to dispute the validity of the seizure procedures on its trademark in favor of Orascom Construction.
Earlier, the “Golden Pyramids Plaza” company said that the legal representative of the bondholders filed a lawsuit to dispute the validity of the seizure procedures on its trademark.
The company clarified that it has been known since the issuance of the bonds that there are legal rights arranged over all the material and moral components of the kingdom. These include the trademark and all trademarks for the bondholders’ community.
This came in response to the post titled “Decision to seize the Golden Pyramids brand in favor of Orascom Construction”.
The company indicated that a session was set to review the lawsuits related to seizing the trademark on March 28th.
The “Stock Exchange” learned that Orascom Construction Company had obtained a new ruling from the Administrative Court to apply the reservation on the trademark of the “Golden Pyramids Plaza” tourism group.
The ruling comes in the context of the long-running dispute between the two sides over the dues to implement City Stars Mall in partnership with the Contractors Union.
Orascom Construction has addressed the Internal Trade Development Agency to implement the ruling issued against the company and its subsidiary groups.
Orascom Construction obtained an arbitration ruling to pay the “Golden Pyramids Plaza” company for 1.3 billion pounds, but the latter has not paid those sums so far.
Orascom Construction has requested the banks dealing with the company for administrative seizure of its balances in banks after the approval of the Central Bank.
The facts of the dispute between the two parties date back to the year 2000 when the Golden Pyramids Company for Tourism Development entered into a contract with Orascom Construction and Industry and the International Contractors Union Company to conduct expansion and development operations for the City Stars project, but disputes occurred between the contracting parties and friendly negotiations to resolve the dispute did not succeed, and Orascom resorted to instituting an arbitration case. In January 2006 and the resulting arbitration award in its favor.
And Golden Pyramids had previously said in a disclosure to the Stock Exchange: “The arbitration award issued in Case No. 467 of 2006 is the subject of an original forgery lawsuit and appeals that were previously disclosed by the company on that arbitration.”
The article The postponement of the validity claim on the seizure of the “Golden Pyramids” trademark for the January 26th session was written in the Al Borsa newspaper.