NBE Settles Al Nasharty’s Debts After Acquiring Some Of Bankruptcy Assets

The National Bank of Egypt (NBE) approved in principle settling EGP 310 million debt of Amr Al Nasharty, chief of Sainsbury’s Group, through acquiring some of his bankruptcy assets.

Sources said NBE acquired some of the bankruptcy assets that are valued at EGP 800 million under the supervision of bankruptcy court. Sources expected that the debt settlement process will end by the first half of the next month.

Bankruptcy assets include a land in Maadi and another in Nasy City; where each is valued at EGP 150 million. The assets also include a land in Belbeis, storages in Six of October City, real properties in Dokki and a center in Zamalek that are valued at EGP 115 million.

Al Nasharty’s EGP 67 million debts owed to Suez Canal Bank will be resettled by acquiring some of bankruptcy assets that are valued at EGP 40 million, cash in value to EGP 10 million and other assets that are valued at EGP 17 million.

In an earlier time, Al Nasharty made a suggestion to settle his debts owed to NBE by waiving a store of Sainsbury’s Group in Zamalek and rescheduling the rest of the debt over five years.

NBE changed this settlement deal in order to have the total value of its dues.