Banque Misr and the National Bank of Egypt (NBE) said they obtained definitive judicial rulings to sell most of Dreamland’s assets, which is owned by Ahmed Bahgat, as well as other rulings obligating Bahgat, as head of Dreamland Group, to pay EGP 600m to both banks.
In a press release on Monday, the banks accused Bahgat of publishing false information.
“Until March 2011 and despite several settlements with Bahgat, he has not paid any of his arrears of EGP 4bn,” the statement read.
It added that when banks implemented the agreements, Bahgat resorted to objecting to rulings. However, the statement explained, the court found banks’ measures to be sound and allowed them to sell Dreamland assets, including all the free land plots, Hilton and Sheraton Dream—Helnan Dreamland Hotel—as well as Bahgat stores.
Moreover, the statement noted that Bahgat, his sons, and companies have filed four appeals before the Court of Appeals, which were all declined.
The banks also said that Bahgat moved suits in the United States against the Egyptian state and the NBE, calling for $5bn in compensation; yet, the motion was also denied.
The two banks confirmed they will remain in support of business, businesspeople, companies, and investors for the sake of the Egyptian economy, but shall not neglect their rights or depositors’ funds.