ECC 879/2000
Type
Case
Court
Egypt Court of Cassation
Jurisdiction
Egypt
Taxonomy
Types of Contract, Financial Institutions, Lending & Security
Copyright
LexisNexis
Decision date
6 Jun 2000
Catchwords
Bank – Loan – Interest – Loan Contract
This case involved an outstanding bank loan and the interest payable. Interest was outside the legal limit and the court had not investigated how much was outstanding on the loan before ruling on the interest.
Background
A bank requested the enforcement judge to order two companies to pay 1601000 Egyptian Pounds. The bank said that the two companies owed the amount according to a loan contract dated 09/09/1991.
The judge refused to issue the payment order and referred the case to the court of first instance.
The court ruled that the two companies should pay the bank 1601000 Egyptian Pounds.
The two companies appealed the ruling before the court of appeal. The court upheld the appealed ruling.
Decision