By Alaa Abdelwanis
The government represented in the Economic Court, has been executing remarkable efforts to insure a safe and corruption free economy. This, in return, would support the progression of Egypt’s developmental cycle and assure a stable transparent economy. Here are the latest cases presented and pledged by the court to provide positive impacts in the Egyptian market…
Banque du Caire & Al-Nasirah Civil Construction fined EGP 6m
The Cairo Economic Court of Appeal (1st Circuit) ruled-in case no. 27 for Cairo economic judicial year 6- that Banque du Caire and Al-Nasirah Civil Construction pay jointly EGP 6m to Banque Misr. They are also mandated to pay added interests starting from due date till the sum is paid in full- on a yearly basis at 16 per cent.
The case started when Banque Misr provided the company with banking facilities, treasury bills and loans guaranteed by Banque du Caire- at different dates- but it defaulted. Thus, the court, presided by Judge Mohammed Zekri, the membership of counselors Bahaa Riyadh and Hussein Hamdi, and Secretariat Abram Agaibi, has fined the company and the bank the abovementioned sum in favor of Banque du Caire.
Al Masria Steel fined EGP 9.5m in favor of Banque du Caire
The Cairo Economic Court of Appeal (9th Circuit) has ruled -in case no. 745 of judicial year 7- fining Al Masria Steel the sum of EGP 9.5m in favor of Banque du Caire. The bank had lodged an appeal before the Economic Court to compel the company to pay the mentioned sum. This came after the company obtained banking facilities which generated an EGP 9.5m debit balance.
The court, presided by Judge Gamal Mohammed Abdel Hakim, the membership of counselors Mohamed Timor Taha and Sherin Farouk, and Secretariat Abdel-Rahman Mohamed, fined the company to pay the sum mentioned to the bank- and a yield conventional rate of 5 per cent per year till the sum is paid in full.
