Faraeen TV channel closes due to ‘financial crisis’
owner of Faraeen Channel Tawfiq Okasha - YOUM7 (ARCHIVE)

CAIRO: Al Faraeen T.V. channel, owned by controversial presenter Tawfiq Okasha, abruptly ceased broadcasting Thursday evening due to “financial crisis.”

“The channel apologizes for not being able to resume broadcasting due to lack of funds. Our staff is not able to work anymore as they have no enough money allowing them to go back and forth to the channel,” said a statement aired at the channel Thursday.

The channel was taken off air in May due to aggregated debts.

“The total debts of the channel from 2011 until now are 11 million EGP ($1.39 million,)” Okasha said in the channel’s program Masr el-Youm.

He added that two Egyptian and four Arab businessmen paid 70 percent of the debts, but he still owes money to the Nile Sat and the Media Production City.

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