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Tuesday, 20 March 2018

MBC moves to block any disposal of Al Hayat TV trademarks

TV network MBC, through its Egyptian attorneys Shahid Law Firm, have already requested the nullification of any acts of disposal which could take place in connection with the trademarks of Al Hayat TV, the attorneys informed us. This comes in relation to Thursday’s economic court ruling to sequester Al Hayat TV’s trademarks due to the network failing to repay USD 6 mn of debts owed to MBC. Shahid Law Firm says it believes the trademarks would form a core part of the anticipated acquisition by an affiliate of Tawassol group. The law firm says MBC’s requests to the court are:

  • To issue a summary judgment considering Sigma and Al Hayat TV network to be under sequestration and appoint a representative from MBC to manage it until a final judgment has been issued in the case.
  • To declare Sigma bankrupt, as of 21 March 2017, being the date of the arbitration award issued in favor of MBC and O3, and consider such date to be that on which Sigma ceased payment of its debts. Accordingly, any agreement disposing Sigma assets (whether by sale or management) should be considered null and void.

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