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Monday, 30 May 2016

Samy says OTMT is the cause of the Beltone-CI Capital acquisition delay

Orascom Telecom Media and Technology (OTMT) is to blame for the delay in EFSA issuing an opinion on Beltone Financial’s acquisition of CI Capital, said Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA). Samy reiterated to Al Masry Al Youm that EFSA has outlined two problems with the ownership structure of OTMT and CI Capital and, while CI Capital has resolved its issues successfully, OTMT has not. OTMT has fought back and in April said there are no problems with its ownership structure and that all issues had been disclosed in 2012. Samy says EFSA will not issue a decision on the acquisition until what it sees as a “dispute” is resolved, noting that “there are no political obstacles” stopping the acquisition.

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