The negotiations between the National Bank of Egypt (NBE) and the loan-defaulting businessman Taysir El-Hawari, who owes the bank about EGP 150 million, stopped because the borrower did not seem serious in meeting his liabilities, sources said. The settlement agreement signed between the bank and El-Hawari has become cancelled, sources affirmed. If El-Hawari wished to start the negotiations again, there will be another settlement agreement. Without an agreement, NBE will not waive the lawsuit against the businessman, sources added. NBE had earlier received part of its dues in the form of shares in some companies which it sold to Samir Abdel Fattah, the owner of a number of hotels in Hurghada. Sources said El-Hawari could not settle his debts with NBE because the debt settlement scheme he suggested to the United Bank stopped. Such scheme would have given El-Hawari assets and cash enabling him to settle his bad debts with NBE. The value of his assets seized by the United Bank is more than the value of his debt, sources added. El-Hawari has earlier signed a debt settlement agreement with Banque Misr for repaying debts of EGP 90 million owed by five companies, besides paying EGP 8 million of the accumulated debt owed by El-Tayseer company and the International Company as well as EGP 32 million to be paid on installments secured on mortgage. However, this debt settlement scheme faced many obstacles.
