Egypt’s Supreme Administrative Court postponed the appeal on the cancellation of Omar Effendi’s deal, submitted by National Bank of Egypt, Audi Bank and the International Financing Cooperation, to April 4th to see the report of the State lawsuits Authority. It is worth mentioning that the state commissioners held up the verdict of the administrative court for cancelling Omar Effendi’s deal.
The administrative court previously judged that the sale of Omar Effendi is void in a case raised by Hamdy Fakhrany, the member of the lower parliament house. The reason of this verdict is that the financial assessment of the company is inconsistent with the rights and benefits given by the sale contract to the buyer. The sale contract also violates the public prosecutor decree on keeping fixed assets owned by the state.
Therefore, El-Kanbeet, National Bank of Egypt, Audi Bank and the International Financing Cooperation submitted an appeal on the cancellation of the sale contract.