Cairo cancels Nasr Housing’s seizure after losing one billion

Cairo governorate has decided, last week, to cancel the administrative seizure applied on the banking accounts of Nasr Housing and Development Company, after the issuance of a verdict for the governorate permitting seizure of company’s banks entitlements until the recovery of their dues.

Mohamed El Gendy, head of the company’s board, stated that Cairo governorate has put forward to the company an initiative to reach amicable resolutions, denying their obtain of dues, and that a committee of both parties would be formed in three months to reach a resolution to this issue.

He declared that the company’s losses has reached one billion pound in 2011, due to the lack of liquidity and the stopping of the projects in 6 October and Fifth Settlement.

It is worth mentioning that the company’s entitlements has reached 600 million pounds, and the governorate’s entitlements has reached 273 million, resulting of a project executed on area of 41 thousand meter in Great Mahala.

The General organization of governmental services has valued the price of the land with over 240 million pounds where each party’s proportion is currently being settled.