Businessman fails to pay debts to Misr Bank

Rami Lakah, a businessman who fled to Europe in 2001 and returned to Egypt recently, hasn’t yet repaid the first installment of his debt to Misr Bank, informed sources have told Al-Masry Al-Youm.

The value of the first installment is LE125 million and was due in April, according to Lakah’s agreement with the bank, the source added.

Paula Hafez, head of Misr Bank’s legal department, said that Lakah presented a request to her department to have his first payment postponed. The request was referred to the debt processing department for examination, Hafez added.

Hafez didn’t say why Lakah submitted the request, adding that it will be processed by next week.

She further added that the settlement between Lakah and Misr Bank will no longer hold if Lakah fails to pay the second installement for two consecutive times. This is stipulated in the bank’s agreement with Lakah, Hafez said.

Al-Masry Al-Youm’s attempts to contact Lakah were unsuccessful.

Gamil Halim, Lakah’s legal advisor, said Lakah is on a business trip but declined to say why the latter has put off the payment of the first installment of his debts to Misr Bank.

Halim said Lakah will be reachable on Thursday and can be contacted in person.

Translated from the Arabic Edition.

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