Representatives of the Suez Canal Company and the Egyptian Government met today for about two hours at the opening of the first encounter between the two sides since the Suez intervention.
Background: Representatives of the Suez Canal Company and the Egyptian Government met today for about two hours at the opening of the first encounter between the two sides since the Suez intervention.
No statement was issued afterwards, but it is understood that most of the time was taken up with formal statements of position by the leaders of the two delegations.
The negotiators were joined by representatives of the International Bank acting in a mediating capacity. The Egyptian statement was made by El Emary, and former Minister of Finance and governor of the Egyptian National Bank. According to Egyptian sources in Rome, the Egyptian standpoint remains unchanged and consists of an offer to compensate shareholders of the price of the company's shares on the Paris stock market on the evening before the announcement of nationalization. This offer is made conditional on the handing over to the Egyptian Government of all the company's assets, rights, and obligations both inside and outside Egypt.
The company's representatives are believed to be claiming compensation for its assets nationalized in Egypt and also for the loss of 12 years revenue which would have been due until 1968, when the concession expired. The delegation was led today by M. Michel Caplan, a vice-president, M. Georges-Picot, the director-general, was expected tomorrow to take over the leadership.