Egypt Signs Non-disclosure Deal Over Canal Blockage Compensation

Egypt has signed a non-disclosure agreement with the Japanese owner of a megaship that blocked the Suez Canal in March as it finalizes a compensation agreement, the canal authority chief said

Cairo, (APP - UrduPoint / Pakistan Point News - 24th Jun, 2021 ) :Egypt has signed a non-disclosure agreement with the Japanese owner of a megaship that blocked the Suez Canal in March as it finalizes a compensation agreement, the canal authority chief said.

Egypt has been seeking hundreds of millions of Dollars in compensation from Japanese firm Shoei Kisen Kaisha for lost canal revenues and the costs of salvaging the ship and repairing the damage to the canal.

It slashed its initial claim for $900 million to $550 million late last month but the final amount has been the subject of tough negotiations between the two sides.

"What we signed is a non-disclosure agreement" regarding the amount of the compensation, Suez Canal Authority chief Osama Rabie told Egypt's DMC television channel late Wednesday.

"A final deal is expected to be reached and announced in the middle of next week."