MBH Secures Favorable Settlement for Misr Beni Suef Cement CO
Matouk Bassiouny & Hennawy (MBH) announced a successful settlement for Misr Beni Suef Cement CO. in a prolonged dispute before the Egyptian courts. The dispute was related to an arbitral award issued by CRCICA in 2022 against Misr Beni Suef Cement CO., with an excess amount of EGP 455 million, including interests accrued until the settlement date.
The settlement resulted in Misr Beni Suef Cement CO. securing an amount exceeding EGP 195 million from the arbitral award. Additionally, the client received a spare parts inventory from the opposing party. The opposing party also waived the entire arbitral award, effectively ending all pending disputes.
The MBH team handling this matter was led by Dr. Mohamed S. (Partner & Head of Litigation and TMT), Reda Morsy (Legal Director), Eslam Abdeldayem (Senior Associate), Ali Megahed (Senior Associate), and Ahmed Adel (Associate). Tamer El Hennawy, Partner and Co-Head of Capital Markets and Corporate and M&A, also contributed to the success of the settlement and was present at the signing ceremony.
Dr. Mohamed Shehata, Partner and Head of Litigation and TMT, commented on the settlement, stating, “This exceptional outcome reflects our commitment to providing the highest level of legal support to our clients and is a testament to our remarkable expertise in handling complex court proceedings related to the annulment and enforcement of arbitral awards.”
Financial Gain: Misr Beni Suef Cement Co. avoided paying a significant portion of the arbitral award. They saved at least EGP 260 million (EGP 455 million – EGP 195 million) by settling the dispute. Additional Benefit: The company gained a spare parts inventory, which has an undetermined value but could represent additional financial gain.
Misr Beni Suef Cement Co. faced an arbitral award of EGP 455 million (including accrued interest) issued by CRCICA in 2022. MBH secured a settlement exceeding EGP 195 million for their client. The settlement also included acquiring a spare parts inventory from the opposing party.
