{"id":56466,"date":"2026-05-20T15:59:10","date_gmt":"2026-05-20T15:59:10","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=press_releases&p=56466"},"modified":"2026-05-20T15:59:10","modified_gmt":"2026-05-20T15:59:10","slug":"matouk-bassiouny-hennawy-secures-landmark-victory-in-egp-4-billion-banking-dispute","status":"publish","type":"press_releases","link":"https:\/\/my.legal500.com\/developments\/press-releases\/matouk-bassiouny-hennawy-secures-landmark-victory-in-egp-4-billion-banking-dispute\/","title":{"rendered":"Matouk Bassiouny & Hennawy Secures Landmark Victory in EGP 4 Billion Banking Dispute"},"content":{"rendered":"

We are pleased to announce that the Litigation team at Matouk Bassiouny & Hennawy (\u201cMBH\u201d) has secured a landmark victory in a high-stakes, long-running dispute in favor of NESCO Egypt for Tourism Investments, involving a total exposure exceeding EGP 4 billion.<\/strong><\/p>\n

<\/p>\n

The dispute started in 2011, when the company initiated proceedings seeking a declaration of non-liability in relation to alleged indebtedness claimed by one of Egypt\u2019s largest banks. The banks subsequently filed counterclaims seeking repayment of the loan amount together with various forms of accrued interest.<\/p>\n

In 2021, a judgment was rendered at first instance against the company, ordering repayment to three major banks, inclusive of compounded and variable interest, bringing the total adjudicated liability to over EGP 4 billion\u2014exceeding the principal amounts originally claimed.<\/p>\n

At the appellate stage, our firm was instructed to assume representation of the client at a critical juncture, notably after the Cairo Court of Appeal had reserved judgment on the appeals filed by the company, the banks, and a major real estate development company. We promptly submitted a motion to reopen pleadings, supported by compelling legal arguments and evidence demonstrating the necessity of enabling the client to fully present its defense.<\/p>\n

The Court of Appeal granted our motion and ordered the reopening of pleadings. During the subsequent hearing, our team advanced comprehensive legal arguments and strategic defenses, seeking the complete annulment of the first-instance judgment and a declaration that the court lacked jurisdiction.<\/p>\n

In a significant development in 2024, the Court of Appeal ruled in our favor, setting aside the first-instance judgment and determining that jurisdiction properly rested with the Cairo Economic Court. While this constituted a major procedural and substantive success, the dispute continued following referral to the competent court.<\/p>\n

Over the ensuing period, we diligently represented the client before the Cairo Economic Court, submitting detailed pleadings and robust defenses. The court ultimately upheld our position and dismissed the banks\u2019 claims in their entirety.<\/p>\n

This outcome represents a decisive and comprehensive victory for our client and underscores MBH\u2019s proven ability to successfully navigate complex, high-value disputes and deliver exceptional results under demanding circumstances.<\/p>\n

The MBH team that handled this matter was led by Dr. Mohamed Shehata (Partner and Head of Litigation & TMT), Reda Morsy (Legal Director), Dr. Tamer Sayed (Legal Director), Khaled Shedid (Legal Director), Eslam Abdeldayem (Counsel), Abdelrahman Hassan (Senior Associate), Mohamed Hanafy (Associate), Abdelrahman Agha (Associate), and Yara Abdelaleem (Associate).<\/p>\n

For more about Matouk Bassiouny, check out our website at https:\/\/matoukbassiouny.com\/<\/a><\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-56466","press_releases","type-press_releases","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/press_releases\/56466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/press_releases"}],"about":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/types\/press_releases"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/media?parent=56466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}