Back to the complete issue
Monday, 27 June 2016

Beltone suing EFSA and EGX

Beltone Financial is suing the heads of the EGX and EFSA: Beltone Financial Holding is filing a court case against the heads of the Egyptian Exchange and of the Egyptian Financial Supervisory Authority (EFSA) for the repeated cancellation of trades in its shares, sources told Reuters. Beltone’s stock price shot-up more than 550% in three months before the EGX decided to repeatedly reverse trades due to what it claimed were “unjustified increases.” The case, filed at the Administrative Court, accuses EGX Chairman Mohamed Omran of “deliberately harming” Beltone Financial and asks the court to bar him from reversing trades. The suit also seeks damages. “EFSA Chairman Sherif Samy said everyone has the right to challenge decisions in front of the administrative court, declining to comment further. Bourse Chairman Mohamed Omran wasn’t immediately available to comment,” Bloomberg reported, noting that EFSA has referred 12 individuals to the Prosecutor General’s office for investigation of claims they manipulated Beltone shares.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.