[wvns] Egypt Sues Israel Over Hotel
National Bank of Egypt sues Israel for $78 million; claims King David
Hotel also belongs to them
EGYPT WANTS KING DAVID HOTEL, SUES ISRAEL FOR $78 MILLION
The Jerusalem District Court is to determine
whether the King David Hotel in Jerusalem, one of
the most luxurious hotels in Israel and in the
world, belongs in part to the Egyptian government.
The National Bank of Egypt (NBE), owned by the
Egyptian government claims Israel's General
Custodian expropriated the bank's share in the
management and profits from the King David Hotel.
The bank is now suing the General Custodian for $78
million in damages.
In 1929, Palestine Hotels Ltd purchased 4.5
acres of land on Julian's Way in Jerusalem (now the
King David Street). Albert Mosseri, a wealthy banker
from Egypt, who was at the time director of NBE paid
close to half of the construction costs from his
pocket. Another 46 percent was covered by other
wealthy Jews from the Cairo community.
The bank claims to have invested the remainder,
purchasing 693 shares of Palestine Hotels Ltd.
between 1934 and 1943.
When the State of Israel was established,
Palestine Hotels was renamed King David Hotel.
Mosseri sold all his shares to Federmann
Enterprises, who manages the Dan hotel chain, and in
1958, the bank's shares in the hotel were seized by
the General Custodian.
NBE never received dividends
The Egyptian bank's attorney in Israel, Jasser
Ashraf, told Yedioth Ahronoth: "The general
Custodian sold the bank's stocks to private
shareholders in 1993 after the bank was declared a
'missing' party." The bank claims never to have
enjoyed the fruit of its stock; it never received
profits or dividends.
The bank is requesting the court to cancel its
absentee status and order $78 million in damages.
"This sum is the initial investment converted to
current values, with compound interest over 70
years, and the estimated profits over the period
relative to the Egyptian bank's share of the hotel,"
Ashraf explained.
"We filed the claim several days ago and we are
optimistic that the Israeli government will respond
positively, as the Egyptian government did in the
case of the Cecil Hotel in Alexandria."
Several days ago, Yedioth Ahronoth reported that
an Egyptian court ordered the Cecil Hotel in
Alexandria be returned to its Jewish owners, the
Metzger family from the UK.
The Ministry of Finance has not yet answered to
the claim. "Neither the Finance Ministry nor the
General Custodian have received this claim. We are
not familiar with the subject," the Ministry stated.
"If and when such a claim will be received, we will
study it and respond to the court."
********************************************************************
WORLD VIEW NEWS SERVICE
To subscribe to this group, send an email to:
wvns-subscribe@yahoogroups.com
NEWS ARCHIVE IS OPEN TO PUBLIC VIEW
http://finance.groups.yahoo.com/group/wvns/
Need some good karma? Appreciate the service?
Please consider donating to WVNS today.
Email ummyakoub@yahoo.com for instructions.
To leave this list, send an email to:
wvns-unsubscribe@yahoogroups.com
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/wvns/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/wvns/join
(Yahoo! ID required)
<*> To change settings via email:
mailto:wvns-digest@yahoogroups.com
mailto:wvns-fullfeatured@yahoogroups.com
<*> To unsubscribe from this group, send an email to:
wvns-unsubscribe@yahoogroups.com
<*> Your use of Yahoo! Groups is subject to:
No comments:
Post a Comment