Euroget begs for more time to pay $5m debt to Top International Engineering Ghana

Egyptian Hospital Engineering group, Euroget de-Invest is begging for more time to pay a $5 million debt to Top International Engineering Group.

This follows the continuous default of a court order for Euroget to pay its subcontractor, Top International, more than $8 million, representing outstanding balance and interests.

The company which agreed to pay the money in tranches of three, has since March defaulted leading to lawyers of Top Engineering securing an order for the confiscation of all movable and immovable assets of Euroget to offset the debt.

In December 2021, lawyers for the two parties reached an agreement on the payment plan for the $8 million debt. But Euroget in what has been described by industry players as its ‘typical bad faith,’ failed to honour that schedule after paying the first tranche.

This culminated in court bailiffs storming the Cantonments office of Euroget and confiscating assets of the company to offset the remaining $5 million debt.

Subsequently, the Chairman and Chief Executive Officer (CEO) of Euroget, Dr Said Darez filed a court action seeking to halt the confiscation of the company’s assets by court bailiffs.

When the case was called on Friday, July 22, 2022, lawyers for Euroget failed to move their motion but rather informed the court that although they’re owing Top International, they’re doing all in their power to raise the needed funds to offset the debt.

They then pleaded with the court to grant them adjournment to 17th August 2022.

Adjourning court proceedings, the presiding judge called on Euroget to meet Top International and negotiate with them on a settlement package for the subcontractor.

Source: thenewsroomonline