NBE To Settle EGP 500 Mln Bad Debt Owed By Abdel Wahab Kouta

The National Bank of Egypt (NBE) has given an initial approval over the settlement plan proposed by the ailing businessman Abdel Wahab Kouta, the chairman of Misr Steel Group. Kouta owes EGP 500 million to the bank that financed the establishment of a steel rolling factory in Port Said.

Kouta met with the non-performing loans’ officials at NBE last week and suggested to repay about EGP 50 million, or 10% of his debt, before signing the settlement agreement.

The businessman will deposit the above mentioned value in the bank in return for waiving the lawsuit raised by the bank against Kouta for issuing checks without balance.

Abdel Wahab Kouta is from the top businessmen who worked in steel industry as he owns three steel factories for iron rolling and reinforcing in Port Said. However, these factories defaulted on debt repayment to a number of banks including the National Bank of Egypt, Banque Misr, Banque Du Caire and Suez Canal Bank. The Group was announced bankrupt and Kouta was sentenced to more than 100 years in prison.