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Egypt TMG New chairman: All projects on time Written by Egypt News Wednesday, 03 September 2008 Egyptian Talaat Moustafa Group hit by news that its outgoing chairman had been charged in a murder case, said on Wednesday all group’s projects would be delivered on time
On Tuesday, the group appointed Tarek Talaat Moustafa as chairman and managing director, replacing his younger brother Hesham Talaat Moustafa shortly after the public prosecutor charged Hesham Talaat Moustafa with hiring a man to kill Lebanese singer Suzanne Tamim in Dubai.




"God willing, the dates of delivering the projects are still as they are," Tarek Talaat Moustafa told the Dubai-based Al Arabiya television by telephone.
"There won't be any effect from what happened."
Shares in the company, which plunged 16 percent on Tuesday, rose as high as 6.65 Egyptian pounds ($1.23) before falling to 6.02 pounds by 1004 GMT.
The new chairman defended his brother against the charges, saying the trial will prove his innocence.
The public prosecutor charged Hesham Talaat Moustafa, a billionaire and a politician in the ruling National Democratic Party of the Egyptian President Hosni Mubarak, of paying former police officer Muhsen el-Sukkari $2 million to kill Tamim in July.
Among other projects, Talaat Moustafa Group has embarked on building and developing Madinati, a major residential and commercial town on the outskirts of Cairo. It says the town will have the capacity to house 80,000 people.
EGYPT NEWS