Egyptian Resorts Company (ERC) has announced legal action to scrap contracts worth USD 40 mn (EGP 653.6 mn) for four land plots, sold back in June 2015, due to its clients’ failure to make due payments, Invest-Gate reports.

ERC did not mention the companies involved but said they only paid USD 10 mn of the agreed-upon amount, which was supposed to be settled within five years at most, according to a bourse filing on September 24.

The Cairo Court of Urgent Matters will look into the case on October 3, the statement added.

In June, ERC has launched its latest EGP 52 mn tourism project, Bay Condos, through its subsidiary, Sahl Hasheesh for Touristic Investment, shortly after it unveiled Bay Village compound last September for both locals and foreigners seeking to invest in the country’s second-home market.