NBE Awaits Bankruptcy Verdict Against Al Nasharty To Settle Debt

The National Bank of Egypt (NBE) awaits a bankruptcy verdict against the businessman Amr Al Nasharty, the owner of Sainsbury’s Group, to be able to sell some of his assets and settle his EGP 310 million debt.

Sources told Amwal Al Ghad that NBE had earlier asked the judge to hold Al Nasharty’s session at an earlier date in order to approve the settlement agreement previously agreed with Al Nasharty, but such request was refused because of the annual vacation of judges.

Sources expected NBE to sign a final debt settlement agreement with Al Nasharty during next September. Settling his debts, Al Nasharty can return to do business again in the Egyptian market.

Al Nasharty agreed to assign ownership of some assets to the bank with the value of assets in 2004, when his bankruptcy was declared.

It is worth mentioning that Al Nasharty conducted negotiations with NBE at the middle of last April to settle his debts.