National Bank of Egypt to settle the EGP 377 million debts of Amr Al Nasharty, chairman of Sainsbury‘s Group, resident now in London, due to NBE and Suez Canal Bank.
Sources familiar with the debt settlement case told “Amwal Al Ghad” that the settlement agreement necessitates that NBE shall have one of Sainsbury’s branches in Zamalek, valued with EGP 100 million. The rest of debt will be scheduled on 5 years with guarantee of assets.
Sources expected that the final debt settlement agreement will be signed before the end of April. This move will put an end to all lawsuits raised against him so that he could return to Egypt.
Noteworthy that Al Nasharty’s debts owed to NBE is EGP 310 million and that to Suez Canal Bank is EGP 67 million.
Sources added that Suez Canal Bank will receive a deposit of the debt, some of housing units owed by El-Nasharty’s family, which are not included in the bankruptcy.
Amr Al Nasharty was insolvent, in the period of former Atef Ebeid’s government, because of his economic decisions that led to Sainsbury’s exiting from Egypt.
