NBE And Al Gelda Negotiation Over Settling US$100 mln debts Stopped

Negotiations between National Bank of Egypt (NBE) and Emad Al-Gelda, former Member of Parliament, were stopped, Sources told Amwal Al Ghad.

Al-Gelda was not negotiating “seriously”, Sources said about the negotiations that took place in order to settle US$ 100 million debts (= EGP 600 million) which had been acquired by El Hosan Company For Import & Export in the form of letters of credit and letters of guarantee to import oil in return for food from Iraq, but the Company did not repay.

NBE foreclosed on real estate assets mortgaged to the Company, but they were less than their debts. Accordingly, NBE decided to negotiate with Al-Gelda.

On other respect, NBE approved settling EGP 310 million debts owed by Amr El Nasharty, chairman of Sainsbury‘s Group, resident now in London, to NBE and Suez Canal Bank.

Court of Cassation presided by counselor Wagih Adib rejected the appeal raised by Emad Al-Gelda on last November 19th and upheld the verdict sentencing him to three years for bribing Ministry of Petroleum officials.