Negotiations took place between the National Bank of Egypt and Banque Misr on the one hand, and Bahgat Dream Land Group of companies on the other hand, as the latter’s debts increased, by 83% and 17% for each, respectively, which was the subject of the settlement agreement concluded between the aforementioned parties in 2004 under the supervision of the Bank The Central Bank of Egypt headed by Dr. Farouk El-Oqdah, the former Governor of the Central Bank of Egypt, as part of the banking reform plan to support defaulting customers, until it ended with the signing of an agreement to end all legal disputes that had taken place between them for more than ten years, in agreement to fully implement the arbitral and judicial rulings issued in favor of the two banks And the Egyptian Company for Real Estate Asset Management and Investment, in the manner in which the parties preserved the rights of the two banks and the Egyptian company, where the “Egyptian Company for Real Estate Asset Management and Investment” has already received vacant lands in distinct locations with an area of about four million square meters and has become its actual and legal possession.
According to a statement by the National Bank, the final agreement between the parties was taken into account to stimulate the continuity of “Bahgat Group” projects by issuing a clearance for the group of companies from those debts that were in favor of the two banks, as well as the two banks’ exit from their contributions to the group companies.
Hisham Okasha – Chairman of the Board of Directors of the National Bank of Egypt, and Mohamed El-Etreby – Chairman of Banque Misr – praised the commitment of the parties to the spirit of cooperation that prevailed in the negotiations until this agreement was reached, ending long-standing legal disputes and the implementation of arbitral and judicial rulings issued in favor of the two banks.
For his part, Omar Ahmed Bahgat thanked the President of the Republic, for his sovereignty’s directives to remove the obstacles facing the private sector to play its national role, and praised the support of the Governor of the Central Bank of Egypt – Tarek Amer to the private sector by lifting the restrictions that shackle companies in order to remove them from their stumble to advance production.
He expressed his appreciation for the professionalism of the officials of the two banks and the Egyptian Company for Real Estate Asset Management and Investment for their sincere understanding and the support they provided in order to preserve the Bahgat Group’s role in the continuation of their commercial, hotel and industrial projects.
The article was handed over 4 million square meters to Al-Ahly Bank and Egypt, and ended disputes with the “Bahgat” group, was written in Al Borsa newspaper.