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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.

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