National Bank of Egypt (NBE) seized EGP5.2bn in Misr Insurance’ accounts, following a court ruling as of March 2016. The Economic Court had ruled that Misr Insurance together with East Mediterranean Gas, owe NBE USD174mn, in addition to 1.0% penalty rate for any delay in the payment. As Misr Insurance failed to comply with the court decision, NBE froze its accounts. Saher Al Faseeh, NBE’s legal advisor, said that if Misr Insurance does not pay its dues, NBE will resort to legal means to seize the due amount from the company’s accounts. (Al Borsa)
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