Exclusive: Details Of Debt Settlement Agreement Between Magdi Yacoub, NBE

The National Bank of Egypt (NBE) is close to sign the debt settlement agreement with the businessman Magdi Yacoub, owner of Al-Thulathiya Group for commercial and real estate services, and another five parties.

In the second stage of the settlement, the bank will settle EGP 123 million worth of debts, in addition to US$ 4.2 million worth of debt receiving real estate assets in addition to half-monthly installments, sources close to the matter told Amwal Al Ghad.

Yacoub had earlier suggested settling his debts in return for renouncing land in Maasara in Helwan worth EGP 38 million. The bank conditioned that Yacoub shall bring a buyer for the land who will pay EGP 1 million upon agreement as a deposit, 10% of the value of the land in six months or upon the issuance of building licenses and another 10% upon signing the preliminary agreement, totaling to EGP 7.6 million. The remaining 80% of the value of the land shall be paid on half-yearly installments six months after acquiring the land. In addition, NBE is in negotiations with Magdi Yacoub over finalizing the third stage of settling the EGP 38 million worth of debts owed to Mohandes Bank, which was acquired earlier by NBE.

Sources told Amwal Al Ghad that NBE earlier finalized the first stage of settling EGP 90 million debts owed by Nado Establishment for Metal Products owned by Emil Helmy and Magdi Yacoub in return for real estate assets.