The Egyptian businessman Ayoub Adly Ayoub has submitted a request to the National Bank of Egypt (NBE), Al Baraka Bank Egypt and Arab African International Bank (AAIB) to settle the debts of Rami Lakah, Chairman and CEO of Lakah Group, as a lump sum in exchange for real estate assets.
Sources said Ayoub Adly Ayoub submitted a new debt settlement scheme offering NBE some units at Stella Heliopolis and Stella Heights North Coast in exchange for writing-off Lakah’s debt which is EGP 230 million.
NBE has not given an approval or refusal till now as the legal affairs department still studies such scheme which will enable the lenders receive their dues as a lump sum, though it will be in real estate assets, sources added, noting that the real estate market is expected to recover in the upcoming period. The lenders received guarantees in the form of treasury bills and bonds worth EGP 150 million as well as real estate assets.
NBE, on behalf of AAIB and Al Baraka Bank Egypt, signed a settlement agreement to settle EGP 260 million of Lakah’s debts; of which US$ 9 million was repaid and the remaining EGP 50.4 million debt was divided on two segments; the first will be repaid on installments over five years and the second will be repaid on installments over 10 years.
