Egyptians in award appeal
24 October 2001
The Egyptian government has applied to overturn a judgment to pay $20m (£13.6m) in compensation to British-based Wena Hotels.
Wena has been seeking the award since the government's appropriation in 1991 and 1997 of two hotels it had leased Wena in Cairo and Luxor.
Wena was awarded the money last autumn by the International Court for the Settlement of Investment Disputes, but the Egyptian government is disputing the award and failed to pay the money on the due date of 7 January. Since then, Wena has been adding $5,000 (£3,000) interest daily to the unpaid sum.
Wena's lawyer, John Savage, said that the annulment appeal would be held in Paris on 22-23 October, but he did not expect a verdict until early next year.
