Egyptian MP: UK Owes Egypt $42 Billion

[DJKeefy]

Egyptian Member of Parliament Muhammad Khalil Kweita intends to take the British government to the International Court of Justice over repayment of a $4.4 million loan that the Egyptian government lent its British counterpart during World War I, the Egyptian newspaper Daily News Egypt reported.

According to the paper, in September 2008 an Egyptian researcher claimed that he had found an 87-year-old document in British archives that proved that the British government owed Egypt $42 billion based on interest and today's currency exchange rate.

The document was sent to Egypt in 1919 when the country was still a British protectorate and it states that Egypt can reclaim the loan at any time.

There have been attempts in the past to claim Egyptian debt, especially in times of economic and social hardship when the government tends to support any efforts to divert attention. However, the claims are usually denied since the documents used in these allegations usually lack the necessary legal grounds.

There have, however, been successful claims for compensation of decades-old debts; last year Italy compensated Libya for money it took during its occupation.

The International of Justice is the principal judicial organ of the United Nations and its mandate is to settle legal disputes submitted to it by states. It should not be confused with the International Criminal Court, an independent court based on a treaty signed by 108 countries that tries persons accused of crimes such as genocide, crimes against humanity and war crimes.


Source: The Media Line Ltd