Yesterday the Egyptian businessman Ramy Lakah, who is currently on the run in London, signed contracts settling the debts of his companies (LE 743 million) to the Bank of Egypt at the headquarters of the Egyptian embassy in Britain. These debts are owed to the Banque du Caire, yet they have been transferred to Bank Misr as it is the director of Banque du Caire. According to the terms of the settlement, LE 165 million shall be paid in cash, while the bank shall obtain bonds worth LE 558 million to be paid over 10 years by quarterly installments. Lakah also signed contracts to settle his debts with the National Bank of Egypt, the Arab African Bank and the Egyptian Saudi Finance Bank, while the United Bank – one of the members of the National Bank of Egypt team – pulled out at the last minute.
Al-Masry Al-Youm has learnt that a meeting was held on Thursday afternoon by the National Bank of Egypt, the Arab African Bank and the Egyptian Saudi Finance Bank and that they agreed to settle the debts, prepare the final contracts and conclude a collective settlement. For its part, the United Bank will start the settlement procedures on its own. Lakah's lawyer, Tarek Abdel Aziz, said the three banks will receive some LE 150 million out of the total debt of LE 243 million, adding that the sum will be collected by selling one of the assets owned by Lakah's companies. Abdel Aziz added that through these contracts Lakah has ended all his settlements with almost 20 banks after about 8 years of negotiations, and after he paid some LE 1,211 million in cash, while the rest will be paid by installments. The signing of the contracts was attended by Egyptian businessman Ayub Adly Ayub, the buyer of some of Lakah's assets, including those of a travel agency.
