CAIRO: Egypt's Orascom Development (ODH) said on Wednesday that it's Chairman Sameeh Sawiris has avoided jail time after a settlement was reached between the real estate and hotels giant with the country's market watchdog. The company had appealed the economic court ruling last month that had ruled Sawiris had manipulated stock prices and provided incorrect financial data. The court in August had given a two-year prison sentence and a 50,000 Egyptian pounds ($9,000) for violating the terms of the Egyptian stock market and spreading false information concerning the value of shares of the company. Sawiris denied the charges and said he would file an appeal and added that ongoing negotiations with the Egyptian government are happening in order to settle the issue. The court issued a 20,000 pound bail to halt the execution of imprisonment. The court ruling said that in April 2010 Orascom “put its share on the stock market screen to be 96 percent and its free trade at four percent, which was false information which lead to harm small investors.” BM
