Businessman Naguib Sawiris and his family returned to Egypt on Friday after their names were lifted from Egypt’s travel ban list, the Middle East News Agency (MENA) reported.
Orascom Construction Industries, a company owned by the Sawiris family, reached a final settlement with the Egyptian Tax Authority a few days ago.
Naguib Sawiris and five of his family members arrived in Cairo on a private jet from France. The family is expected to head to al-Gouna tourist resort in Hurghada.
As per the agreement, Orascom Construction Industries will pay 7.1 billion Egyptian pounds (1.02 billion U.S.D.) to the tax authority as annual installments until December 2017.
The Egyptian Chief Public Prosecutor had banned Onsi Sawiris, former chairman of Orascom Construction, and Naguib Sawiris, current chairman of the company, from travelling abroad due to a tax dispute with the government.
According to a statement issued by Orascom Construction, the installments will begin with a 2.5 billion pounds to be paid within the coming weeks.
This installment will be followed by a payment of 900 million pounds before next December’s end.
Installments will be paid every six months until Deember 2017.