Egyptian bank claims shares of Jerusalem's King David Hotel

An Egyptian government-owned bank has launched a $1.3 million lawsuit over its lost shares in Jerusalem's King David Hotel, which were bought before the establishment of the modern Jewish state in 1948.

Banque Misr, which has 500 branches in Egypt and around the world, filed its lawsuit via Israeli lawyers Ron Yeshayahu and Gil Makov at the Jerusalem District Court calling for the restoration of 1,000 stocks in the hotel.

The King David Hotel, which is currently owned by Dan Hotels, was built by Jewish Egyptian businessmen in 1929, and Egypt's Zilka Bank purchased 1,000 shares as part of the initial investment.

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Zilka Bank was merged with another bank in the 1960s when then-Egyptian President Jamal Abdel Nasser nationalized the Nile state's banks, thereby created the current Banque Misr.

The Israeli government has yet to submit a defense against the lawsuit.

Banque Misr made a previous bid for its shares in 2008.