Economic Appeals Court upholds NBE’s decision to freeze Misr Insurance assets

The Economic Appeals Court upheld the National Bank of Egypt’s (NBE) decision to freeze EGP 3 bn of Mirs Ins.’s liquid assets, NBE’s legal counsel Saher Al Faseeh said on Tuesday, according to Al Mal. We had reported in June that the NBE had frozen EGP 5.2 bn of Misr Insurance’s assets for failing to comply with an Economic Court ruling that forces the company to pay the NBE for insuring Hussein Salem’s East Mediterranean Gas (EMG) from default against a USD 174 mn loan.