Head of Dreamland Group, Ahmed Bahgat, has been ruled by the court to pay a total of EGP 600 mn to Banque Misr and National Bank of Egypt (NBE) as well as selling the group’s assets.

In a joint statement released on January 23, Bank Misr and NBE also accused Bahgat of publishing false information, clarifying their situation in seven points.

“Bahgat stated in one of his statements that he submitted four appeals to the Court of Cassation and he mentioned that these appeals remained locked in the drawers. However, he ignored the fact that the four appeals were indeed urgently presented before the court on February 27, 2014, and they were all met with rejection,” the statement reads.

The banks also emphasized on the release of final terms regarding the sale of real estate assets in Dreamland, which includes all its land space, encompassing 3 mn square meters, in the favor of the Egyptian Company for Real Estate Assets & Investment Management.