Al Nasharty: Negotiations With NBE & SC Bank Begin Next Week

Tarek Abdel Aziz, legal consultant of Amr Al Nasharty chairman of Sainsbury’s Group, said that the negotiations over settling EGP 377 million debts owed to National Bank of Egypt and EGP 67 million debts owed to Suez Canal Bank have not started yet, negating what is published in a website that the negotiations started today.

Abdel Aziz told Amwal Al Ghad that Amr Al Nasharty will start the negotiations with Yehia Aboul Fettouh, head of non-performing loans at NBE, on Tuesday or Wednesday after Easter holidays.

The principle agreement between Al Nasharty and NBE states that the Bank will acquire a store of Sainsbury’s in Zamalek and scheduling the rest of the debt over five years, but the Bank changed this settlement deal in a way to have its dues without delay by acquiring some of Al Nasharty’s assets .

After living in London for nine years, Amr Al Nasharty returned Egypt on last April 3rd to settle his debts with National Bank of Egypt (NBE) and Suez Canal Bank.

Abdel Aziz told Amwal Al Ghad earlier that Suez Canal Bank agreed to settle Al Nasharty’s debts by acquiring a deposit of assets of Al Nasharty’s family.

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