| Admin History | Under Egyptian law, Prudential maintained in Egypt a reserve in respect of local businesses: included was £505,000 3% savings bonds 1965-75, certificates and signed transfers (in blank) which were held by Barclays DC & O, Cairo, Egypt. Following the Suez crisis in 1956, Prudential's Egyptian operation was sequestrated and they placed a caution on the transfers. In 1959, Al Goumhouria advised the Bank that they had legally acquired the Prudential's operations and indicated that they wished to register the transfers. Freshfields advised that the Bank would have to comply with such a request. Prudential then took legal action against Al Goumhouria, enjoining the Bank, which indicated that it would submit to whatever order the court made. An interim injunction was granted. The matter was settled between the two insurance companies, reflected in the court order of 6 April 1962: £250,000 to Prudential, the balance to the Egyptians. |