CAIRO: The Egyptian Financial Supervising Authority (EFSA) has agreed to reconcile with Egyptian businessman Samih Sawiris, brother of telecom magnate Naguib Sawiris. Ashraf el-Sharkawi, chairman of EFSA, has agreed to reconcile with Sawiris for 20 million EGP (U.S. $3.38m). The reconciliation aims to achieve the general and specific deterrence goals of criminal punishment and to maintain the stability of the company. EFSA acted based on its desire to protect the rights of shareholders in companies affected by the Egyptian stock exchange and to maintain the stability of capital markets and companies affected by them. On February 28, 2011, EFSA accepted the criminal case regarding against Samih Onsi Naguib Sawiris, the chairman of the board of directors. A group of small investors in Orascom hotels and development had pressed charges that Sawiris had violated the disclosure rules stated in the laws of capital market. The Attorney General brought the criminal case before the Cairo Misdemeanor Court. The court's primary ruling was on August 25 case No. 837/2011, registered by No. 1397/2011. Sawiris' legal representatives requested reconcilement from the Egyptian Financial Supervising Authority. The Authority agreed in a bid to maintain the stability of the company and the rights of the investors.
