Egypt's c. bank issues EGP 19b T-bonds fixed coupon    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Orascom Development says Egypt regulator drops court case
Real estate firm claims to have reached a settlement scrapping the two-year jail sentence handed to its chairman Samih Sawiris last month
Reuters Published in Ahram Online on 07 - 09 - 2011

Real estate and hotels firm Orascom Development (ODH) said on Wednesday it had reached a settlement with Egypt's financial market watchdog that effectively scraps a jail sentence handed down to its chairman last month.
ODH lodged an appeal after an economic court made the initial ruling to imprison Chairman Samih Sawiris over accusations of stock price manipulation and providing incorrect financial data.
Sawiris was served the two-year prison sentence on 27 August because he is the company's legal representative.
The court also fined him LE50,000 (US$8,401) and said he must not trade in the stock market for a year, a judicial source had said, quoting the ruling.
The company paid bail immediately after the ruling, launched the appeal to suspend the judgment and began discussions to settle all the charges.
Swiss-listed ODH said its Egyptian subsidiary Orascom Hotels and Development (OHD) had now reached a "full settlement" with the Egyptian Financial Supervisory Authority.
"According to the Egyptian Capital Markets Law and Regulations, this settlement nullifies the suspended judgment of the preliminary court for two years imprisonment and a fine against Mr. Samih Sawiris in his capacity as the Chairman of Orascom Hotels and Development," ODH said in a statement.
According to ODH, the main allegation was that it had misrepresented the percentage of its ownership in OHD.
ODH questioned the legal process which led to the ruling, saying it was not given a chance to defend itself or clarify its position, as is required by law.
It said the court issued the initial sentence after only two procedural hearings and OHD was not given the right to plead its case in full.
Swiss-listed Orascom Development has been diversifying its business, but Egypt remains its biggest market. Businesses there came to a near standstill for almost 50 days earlier this year due to the uprising that ended the 30-year rule of President Hosni Mubarak.

Clic here to read the story from its source.