Abdel Meguid Matar, president of shipping company Red Sea Navigation, which operates the Egyptian ship hijacked earlier this month by Somali pirates, has refused to hand over the ransom demanded by the corsairs for the vessel's release.
“They want US$4 million when the whole ship costs US$2 million,” he said.
Al-Masry Al-Youm has been unable to contact the ship's crew by telephone.
Translated from the Arabic Edition.
