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Saturday, 18 November 2017

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
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Views: 1239

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.

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