Egyptian bank sues Israel for dividends

Egyptian bank sues Israel for dividends

The National Bank of Egypt is suing the State of Israel for unpaid dividends. Perhaps they would be successful enough to bring Israel into bankruptcy?

A state-owned Egyptian bank is suing the State of Israel for $78 million in unpaid dividends for its investment seven decades ago in the company that built Jerusalem’s landmark King David Hotel, an attorney representing the bank said Wednesday.

The National Bank of Egypt claims that Israel’s Custodian General expropriated shares that it purchased in the company seven decades ago, without ever sharing any profits or dividends with the bank, said attorney Jasser Ashraf, who filed the suit on behalf of the Egyptian bank in the Jerusalem District Court last week.

News of the unusual lawsuit was first reported in Yediot Aharonot.

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