Last Update 21:43
Monday, 18 November 2019

Court orders East Mediterranean Gas Company to pay $174 mln in debt to Egypt's National Bank

El-Sayed Gamal El-Din , Sunday 12 Nov 2017
Views: 3304
Views: 3304

Egypt's Court of Cassation has rejected an appeal by the East Mediterranean Gas Company against a 2016 ruling obliging the company to pay off $174 million in debt to Egypt's National Bank.

The company was founded and previously headed by Mubarak-era business tycoon Hussein Salem.

The court did, however, accept an appeal by Egypt Insurance Company, which was also involved in the case.

The verdict is final and cannot be appealed.

The East Mediterranean Gas company was one of the parties involved in the gas export deal with Israel in 2005.

The Egypt Insurance Company was the gas company’s guarantor with the National Bank, covering risks including terrorism and political violence.

The activities of the gas company were suspended prior to the economic court ruling in 2016.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.