The Department of Foreign Disputes at the State Lawsuits Authority obtained a ruling from the District Court for the Southern District of New York, which rejected a lawsuit filed by Egyptian businessman Ahmed Baghat and his sons against the Egyptian State and the National Bank of Egypt to pay 4.8 billion dollars over allegations of harming their investments in Egypt.
In a statement, the State Lawsuits Authority said that Ahmed Bahgat, chairman of Bahgat Group, failed to pay debts owed to the National Bank of Egypt.
Bahgat also did not abide by the settlement agreements signed between him and the NBE to repay these debts, added the statement.
Bahgat filed a lawsuit against the Egyptian state and and the NBE before the US courts as he holds the US nationality, said the statement.