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Tuesday, 14 November 2017

NIB sues ERTU over EGP 886 mn loan

The National Investment Bank (NIB) filed a lawsuit against the Egyptian Radio and Television Union (ERTU) in a Cairo Economic Court for the latter to repay a EGP 886 mn loan and additional penalties of 16% of the loan, Al Borsa reports. Complications from this dispute may have played a hand in blocking NIB’s acquisition of a 40% stake in the Egyptian Satellite Company (Nilesat).

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