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Thursday, 7 December 2017

Court rules ERTU must repay NIB for EGP 886 mn loan

The Cairo Economic Court issued a ruling last week compelling the state-owned Egyptian Radio and Television Union (ERTU) to repay an EGP 886 mn loan from the National Investment Bank, judicial sources tell Al Borsa. The court granted the ERTU a grace period that expires at the beginning of January to repay the sum in full. NIB had filed a lawsuit against the ERTU last month to repay the entire sum of the loan plus a 16% penalty fee. It remains unclear whether the court upheld the demand for a penalty payment.

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