Ideal files suit to cancel Electrolux, Olympic deal

The Administrative Court to preview a legal suit against Niazy Sallam, CEO of Olympic Group Financial Investments -(OLGR), and Abdel Fattah Abdel Kader, Managing Director of Ideal (Olymbic’s affiliate), in order to cancel the contract of selling 52 % stake of Olymbic to Swedish Electrolux.

The suit was filed because of the conditions of selling 75 % from Ideal to Olympic in 1997 and wasn’t committed to the terms of the contract, Almal newspaper reported.

The suitors considered that deal to be against Ideal’s employees.

They added that the company had LE 376 million liquidity two months before selling in addition to 318.62 thousand square meters land plot portfolio.

It is worth noting that, Ideal’s contract terms includes to keep the current employees, to continue its operations and to use its lands only in the same field of work.