Court of Cassation denies East Med appeal against repaying NBE USD 174 mn

The Court of Cassation has rejected an appeal by Hussein Salem’s East Mediterranean Gas Company against a 2016 ruling obliging the company to repay a USD 174 mn loan to the National Bank of Egypt which it had defaulted on, Ahram Online reports. An Economic Appeals Court had upheld in March NBE’s decision to freeze EGP 3 bn of Misr Insurance’s liquid assets as it had failed to guarantee the loan. The Court of Cassation’s ruling against East Med is final and cannot be appealed, according to the newspaper.