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Wednesday, 1 June 2016

NBE freezes EGP 5.2 bn in Misr Ins. accounts

NBE froze EGP 5.2 bn of Misr Ins’ liquid assets on Sunday for failing to comply with an Economic Court’s ruling that both Misr Ins. and Hussein Salem’s East Mediterranean Gas (EMG) owe NBE USD 174 mn in unpaid debts plus 1.00% interest, Al Borsa reports. The move was sanctioned by the Economic Court, said NBE’s legal counsel Saher Al Faseeh. If Misr Ins. does not pay the amount owed, NBE will withdraw that amount from the company’s accounts, Al Faseeh added. Misr Ins. had filed an appeal and had dedicated over EGP 300 mn to fight the charges, according to sources. As we noted back in March, Misr Ins. is contesting that its insurance policy covers debt payments on loans taken out by EMG.

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