Egyptian PM urges fleeing businessmen to return and settle debts

Published August 7th, 2002 - 03:00 GMT

Egyptian Prime Minister Atef Ebeid is urging businessmen who fled the country, dodging unpaid bank loans, to return to Egypt and negotiate a settlement of their debts, reported Al-Alam Al-Yaum. A similar call had been voiced in the past, part of a government policy seeking to create favorable conditions for the settlement of billion-dollar debts owed mainly to local banks.

One such recognized businessmen is multimillionaire Rami Lakah, Lakah Group’s Chief Executive Officer (CEO), whose financial obligations amounted to 1.2 billion Egyptian pounds ($258 million) when he was reported to have fled the country in 2000. Another run-away tycoon is Mustafa Al-Beleidi, who allegedly owed the banks EP148.5 million upon his departure in mid-2000. — (menareport.com)