NBE Signs 2nd Debt Settlement Agreement With Magdi Yacoub

The National Bank of Egypt (NBE) signed the final agreement of the second stage of settling bad debts owed by the businessman Magdi Yacoub, owner of Al-Thulathiya Group for commercial and real estate services, in addition to another five parties. The indebted parties owed EGP 123 million and US$ 4.2 million to the bank.

Sources told Amwal Al Ghad that a settlement agreement was made in return for real estate and in-kind assets in addition to payment of half-monthly installments. The agreement has brought into effect an earlier settlement agreement in which Yacoub proposed settling his debts in return for renouncing a 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, in return for real estate assets.
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.