Court confiscates assets of Egyptian businessmen charged with loan fraud
Egypt’s High State Security Court has confiscated the property of 21 businessmen and two bankers after being charged with expediting and receiving improper loans valued at approximately $170 million.
According to court sources, the Egyptian entrepreneurs received the loans without presenting adequate guarantees for the funds withdrawn from the Misr-Exterior Bank. The same sentence was pinned on managers of two Cairo branches of the bank, who were charged with authorizing loans without legitimate guarantees.
Established in 1980, Egypt’s Supreme State Security Courts are less harsh than a military or Emergency Security court, however they operate outside the longstanding civil court system. The Security Court judge’s finding of guilt or innocence is not open to appeal. Procedural matters only may be referred to an appeals court. — (menareport.com)
© 2002 Mena Report (www.menareport.com)