Egyptian PM urges fleeing businessmen to return and settle debts
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)
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