Egypt told to pay Wena Hotels $20m
04 January 2001
An international tribunal has awarded British-based Wena Hotels more than $20m (£13.7m) in damages against the Egyptian government for the misappropriation of two hotels in 1991.
The Washington-based International Centre for Settlement of Investment disputes ruled that the Egyptian government had expropriated the Nile Hotel in Cairo and the Luxor hotel, and that it had failed to protect Wena's investment in the properties. Wena expects to learn next week whether the Egyptian government will comply with the ruling, or whether it will have to fight for its award in the courts.
The arbitrators have given the Egyptian government until Sunday (7 January) to pay Wena Hotels the sum awarded.
