Egyptian Bank Claims Part Ownership of King David Hotel
State-owned bank sues for 1,000 stocks of Jerusalem’s luxurious hotel it bought before the establishment of the state of Israel.
An Egyptian government-owned bank has launched a five million shekel (around $1.3 million) lawsuit over its lost shares in Jerusalem’s prestigious King David Hotel, which were bought before the establishment of the modern Jewish state in 1948.
Banque Misr, which has 500 branches in Egypt and around the world, filed its lawsuit via Israeli lawyers Ron Yeshayahu and Gil Makov at the Jerusalem District Court calling for the restoration of 1,000 stocks in the hotel, the Calcalist reported Monday.
King David Hotel, which is currently owned by Dan Hotels, is perhaps Israel’s most famous hotel, and has hosted visiting presidents and prime ministers on numerous occasions. It was built by Jewish Egyptian businessmen in 1929, and as part of the initial investment Egypt’s Zilka Bank purchased 1,000 shares.
Zilka Bank was merged with another bank in the 1960s when then-Egyptian President Jamal Abdel Nasser nationalized the Nile state’s banks, thereby created the current Banque Misr.
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