CAIRO: Egyptian businessman Rami Lakah, who fled to Europe in 2001, has reached a settlement on debts owed to banks, paving the way for his possible return to Egypt, the country s official news agency MENA reported on Monday.
An official with state-owned Banque Misr, Lakah s main creditor bank, told Reuters that Lakah had agreed to settle his debts on an installment basis over several years. But the official did not give any detail of the agreement.
The public prosecutor announced it had dropped its court case filed against Lakah and his brother Raymond after the pair reached a settlement with creditor banks, MENA said.
Lakah, chairman of industrial and healthcare conglomerate Holding Company for Financial Investments (Lakah Group), left Egypt after his companies debt passed LE 1.5 billion ($274 million), the news agency said.
Lakah Group shares rose 5.2 percent to LE 2.86 on Monday. -Reuters