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Omar Effendi ex-owner looks abroad to retrieve funds
Gamil Al-Kanbit tells Saudi channel he will act to reclaim investors' funds and all loans were spent on company development
Ahram Online Published in Ahram Online on 12 - 05 - 2011

“I will resort to the Egyptian judiciary and international arbitration to retrieve funds that belong to the investors in this company,” said Gamil Al-Kanbit, chairman of Saudi Anwal, the ex-owner of Omar Effendi, in an interview with Al-Arabiya TV on Wednesday.
The ex-owner stated that the total amount paid to the Egyptian government for Omar Effendi was LE700 million, and the transaction was aimed at buying a retail company that has a brand, not real estate assets.
”We had to borrow around LE450 million from Egyptian and international banks to spend on the development of the company,” Al-Kanbit told the Saudi-based channel, denying allegations made by Omar Effendi employees that the borrowed funds were used for his personal gain.
On Saturday 7 May 2011 Egypt's Administrative Court annulled the deal that saw a Saudi businessman purchase 90 per cent of chain store Omar Effendi.
Omar Effendi was established in 1856 and is one of Egypt's most famous chains.

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