Royal Insurance Offers MENA Submarine EGP 5 Mln Compensation

Royal Insurance Company has offered MENA Submarine Cable Systems, subsidiary of Orascom Telecom Holding, compensation of EGP 5 million as a result of submarine cable malfunction that led to big losses, sources said.

MENA Submarine is a submarine communications cable system that connects Italy, Greece, Egypt, Saudi Arabia, Oman, and India.

The value of Royal Insurance Company’s compensations reached EGP 43 million in the first half of FY 2012/2013.