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Examples
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We buy all areas and stages at "Madinaty" with suitable price!!??
Qwaider Planet 2008
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In a case that captivated the country, Talaat Moustafa Group saw its $3 billion planned Madinaty community challenged on claims it was illegally awarded to the firm without the required bidding process, at a loss of $26 billion to the public coffers.
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Talaat Moustafa Group, the country's biggest publicly traded developer, allegedly bought land for its sprawling 13-square-mile, $3 billion Madinaty or My City project at a steep discount that critics argue cost the government billions in lost revenues.
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Last year he won a landmark victory after proving that desert plots in Madinaty - a 13sq mile New Cairo compound worth £1.9bn developed by a company with close ties to the Mubarak family - was sold by the Egyptian government at a fraction of the market price.
The Guardian World News Jack Shenker 2011
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"We saw the corruption in Madinaty," said Ahmed Sayed El-Naggar, an analyst with state-sponsored Al-Ahram Center for Political and Strategic Studies.
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In a case that captivated the country, Talaat Moustafa Group saw its $3 billion planned Madinaty community challenged on claims it was illegally awarded to the firm without the required bidding process, at a loss of $26 billion to the public coffers.
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The issue came to a head late last year when Talaat Mustafa Group, the biggest publicly trader developer, was sued by a businessman over a contract under which it secured millions of acres of desert land to build its lavish Madinaty project.
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TMG's Madinaty project, citing a 1998 rule that said there must be public auctions for state property sales.
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The circumstances of the Madinaty case can be applied to any number of developments, he said.
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Group's landmark project, Madinaty, is being built.
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