ICEC

Al Nasharty Returns Egypt To Sign Debt Settlement Deal

Amr Al Nasharty, chairman of Sainsbury’s Group, returned to Egypt on Tuesday after residing in London for nine years so as to settle his EGP 310 million debt with National Bank of Egypt and 67 million debts with Suez Canal Bank.

The Egyptian businessman issued a press release saying that Egypt’s revolution which made him anxious to return and contribute in developing Egyptian economy.

Montasser Al Zayyat and Tarek Abdel Aziz, Al Nasharty’s lawyers, said that they realized Al Nasharty’s desire to return to his homeland and to settle his debts so as to contribute effectively in Egypt’s economy.

Al Nasharty’s return gives a sign that businessmen who fled outside Egypt after being grieved from the former regime can return to their home and settle their debts.

Amwal Al Ghad earlier reported exclusively National Bank of Egypt’s approval on Al Nasharty’s proposal for debt settlement in return for acquiring a retailer owned by Sainsbury’s Group in Zamalek as well scheduling the rest of the debt over five years. Amending the debt settlement came as NBE wanted to receive the total of its dues.

In addition, Suez Canal Bank negotiated directly with the legal consultant for El-Nasharty over the way of receiving the EGP 67 million debts owed to the Bank.

Tarel Abdel Aziz, legal consultant for Al Nasharty, told Amwal Al Ghad exclusively that Suez Canal Bank approved the settlement proposal through acquiring some assets of Al Nasharty’s family.

Abdel Aziz added that the businessman’s assets in Egypt are with value of about EGP 1.5 billion in the form of cash and properties included in the bankruptcy. Besides, Al Nasharty owns a deposit of about EGP 300 million (besides EGP 700 million returns) in Barclays since 2001 which have been a subject of dispute.

Al Nasharty suggested three debt settlement offers for NBE before last year’s revolution. The firs suggestion includes buying his debt to a businessman in return for acquiring some assets owned by Al Nasharty. The second suggestion is establishing a partnership company and that the Bank’s share in this company will be equivalent to his debts. The third suggestion is that the bank will join the bankruptcy case raised against Al Nasharty.

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