The Egyptian Electricity Transmission Company (EETC) paid damage compensations to 30 companies worth EGP 200m, to compensate for the floating pound decision during the period of 1 March 2016 to 31 December of the same year, resulting in breaching the financial balance of contracting and supply contracts.
Sources from the company told Daily News Egypt that the compensation was made at the request of the affected companies and after signing minutes with EETC officials for about 53 contracts.
All 53 contracts have been signed, but there are still a number of requests for compensation from other companies.
According to documents seen by Daily News Egypt, Egyptian German Electric (EGMAC) received the highest compensation of EGP 90m, followed by El Sewedy Electric by EGP 25m, then Al Sedek Contractors that received EGP 2.3m.
The EETC paid damages to Emanco for Trading & Engineering worth EGP 1.5m, while industrial company, ABB’s compensation amounted to about EGP 2m. It also paid EGP 417,000 for Al Amal Company for Contracting.
The ordinary and extraordinary general assemblies of the EETC agreed to include EGP 500m in the budget of fiscal year 2018/2019 to pay compensation for damages arising from the economic decisions in 2016.
