Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594). Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2016 Enterprise Ventures LLC.