“FTI Group”, in which Egyptian millionaire Samih Sawiris holds a 75.1% majority stake, has declared bankruptcy. As the third-largest travel group in Europe, this announcement marks significant challenges in the tourism sector, which had been experiencing a recovery following the COVID-19 pandemic.

The bankruptcy filing was submitted to the Munich Regional Court, highlighting severe financial pressures, including supplier demands for advance payments that exceeded the company’s financial capabilities.

The company was forced to make difficult decisions regarding the cancellation or partial completion of scheduled trips starting from June 4, threatening to disrupt the summer travel season for thousands of travelers.
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#Bankruptcy #COVID_19_Pandemic #Egypt #Europe #Munich_Regional_Court #Samih_Sawiris #Tourism

11,000 tourists were exposed to a strange situation upon their arrival in Egypt through the European tourism company “FTI”, as the company declared bankruptcy as soon as tourists arrived in Cairo without paying the dues of Egyptian hotels and facilities.

According to the Egyptian authorities, the number of tourists at tourist sites dropped from 11,000 to less than 5,000 after the bankruptcy was declared.

The company, Europe’s third-largest tourism organization, filed for bankruptcy in a Munich court in Germany over large debts.

European media revealed that a famous Egyptian billionaire owns 75% of the company’s shares, and the company received German government aid worth 595 million euros during the Corona crisis, in addition to significant support from the Egyptian billionaire in 2020.
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#Austria #Bankruptcy_of_a_tourism_company #Egypt #Egypt_News #German_tourists #Ministry_of_Tourism #Tourism_in_Egypt

The Ministry of Foreign Affairs of the outgoing Government of National Unity denied the allegations circulating regarding fears of the bankruptcy of the state of Libya and accused the newspaper “Independent Arabia” of being biased in covering political events in the country.

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The Ministry indicated in an official statement that the external media team studied the report published by the newspaper on the economic situation in Libya, which dealt with the idea of ​​possible bankruptcy, and believed that the report contained professional fallacies and was devoid of any official statements and was based on undocumented analyzes indicating the possibility of bankruptcy.
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#Bankruptcy #Central_Bank_of_Libya #Dollar #International_Monetary_Fund #Libya #Libyan_Ministry_of_Foreign_Affairs