Well-informed sources told Al-Misri Al-Yaum, today that the Egyptian business man Rami Lakkah and the legal representative of Misr Bank are going to meet today at the Egyptian embassy in London to sign the contract regarding settling Lakkah's indebtednesses to the bank. The sources said that Lakkah will mortgage 23 of his companies to the bank for 10 years, provided that the companies' revenues shall go to the bank in return for settling LE 500 million debts, referring that Lakkah already paid LE 250 million to the bank and he will be managing the mortgaged companies as a share holder. They added that, Lakkah will meet with the legal representatives of both the National Bank Egypt and the United Bank on Monday to settle indebtednesses rating LE 350 million. The public fund prosecution, handling the investigations file, is supposed to receive the settlement contract, which is believed to be signed today, and enclose it in the case file. On the other hand, 'Adli Ayub, President of RAMCO company for Constructing Tourist Villages, emphasized that he will attend the settlement meeting and will buy Lakkah's assets represented in a plot of land in Kurbah, Heliopolis, valued at LE 80 millions, and a company owning a plot of land in Sharm Elsheik. Businessman Ayub bought a previously Lakkah owned hotel for around LE 34 million. Ayub had already declared that he would buy the land in Sharm Elsheikh for LE 550 million; LE 400 million of them will be paid to Misr Bank and LE 150 million will be paid to the National Bank. Ayub also declared that the purpose of buying those lands is to establish tourist and housing projects on them. A member board at the National Bank of Egypt said that the bank board has approved settling Lakkah's indebtednesses and the legal sector has finished preparing the settlement contracts to be signed.
