3 Banks Accused Of Providing False Info About Siag’s Debt

The Egyptian Businessman Ramy Siag, the legal representative of Siag Travel Company and owner of Siag Pyramids Hotel in Haram, accused Banque Misr, Industrial Development and Workers Bank of Egypt and Arab African International Bank (AAIB) of submitting false information about the value of his family’s debts.

He told Amwal Al Ghad that his father Elie George Siag received a loan worth US$ one million (EGP 5 million) from the Industrial Development and Workers Bank of Egypt which asks Siag to repay EGP 400 million.

He added that his father also received loans worth US$ 2 million from Banque Misr and AAIB and they ask the businessman to repay more than EGP 300 million.

Saig noted that a false bankruptcy case was fabricated by Gamal Mubarak against Siag Hotel to deface the family’s reputation due to the disputes between him and Wagih Siag over Taba Hotel. The bankruptcy judge issued the verdict without evidence, he said.

The Central Bank of Egypt (CBE) formed a committee which vowed before the court last month. A session is slated to be held in the next few days to start the interrogation.

Siag Pyramids Hotel was robbed many times since it was sequestrated, he said, adding that he filed a report against Giza Security Directorate and the Public Prosecutor to protect the Hotel.