The National Gas Company stated that Magdy Rasekh, Alaa Mubarak’s father-in-law, owns a small stake in the company and that he resigned from the board of directors in December 2010.
In a statement sent to Amwal Al Ghad regarding what was published that “the National Bank of Egypt (NBE) may incur a loss of EGP 400 million as possible loss of the loan owed by the National Gas Company, owned by Magdy Rasekh”, the company said that the bank guaranteed the company in loans it received from foreign banks backed by its dues at the Egyptian General Petroleum Corporation (EGPC). The Company repaid the loans and will pay EGP 170 million to NBE as the value of the accrued interest which is EGP 180 million.
The Company called on the Ministry of Petroleum to repay such value out of the company’s dues. However, the Ministry refused. This means that the bank received loan commission and did not pay anything, while the company lost a lot, the statement noted.
The international arbitration court issued a verdict that the National Gas Company shall be compensated by EGP 254 million, in addition to accrued interest of EGP 65 million on 12/9/2009. However, the Cabinet did not execute the verdict. If the company was owned by high-level officials, it would have received its dues, the statement added.
EGPC cancelled the concession contract of the company in April 2012 for groundless reasons that were rejected by the administrative court two times. The court said EGPC exploited its powers and deliberately caused damages to the company with no clear reasons.
