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Egypt authorities reduce compensation on Ever Given from $916 million to $550 mn

The head of the Suez Canal Authority Osama Rabie announced Monday that the Suez Canal Authority is engaged in a lawsuit dispute against the container ship Ever Given over compensation, and has agreed to reduce costs down to $550 million.
“We reduced the compensation amount by 40 percent to US$ 50 million out of $ 916 million, with facilities including $200 million in cash payment, and the rest being $350 million with facilities,” he explained.
During a phone interview with host Lamis al-Hadidi on her show Kalema Akhera (Last word), Rabie said that the company that owns the ship has failed to appreciate the effort that went into saving the ship.
“Frankly, they did not appreciate the effort we did, and that we succeeded in floating the ship in six days without any losses, whether regarding the ship or the human element, and we did not receive the necessary appreciation and understanding from the company that owns the ship for the effort we have made as it offered to only pay $150 million, which is a meager sum. It does not cover the losses caused by its ship.”

He explained that the authority is only looking for compensation for its losses incurred from the disruption to navigation and trade.

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