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Sunday, 18 November 2018

Court rejects Beltone’s request to stay FRA-imposed suspension on investment banking arm; next hearing 1 December

Court rejects Beltone’s request to stay FRA-imposed suspension on investment banking arm: An administrative court rejected yesterday Beltone Financial’s request to stay proceedings on a six-month suspension handed to its investment banking division by the Financial Regulatory Authority (FRA), sources tell Al Mal. According to the sources, the court requested that Beltone and the FRA each present the documents pertaining to the suspension; it will hold an ‘urgent hearing’ on 1 December. The FRA is accusing at Beltone of several overlapping charges pertaining to the firm’s alleged conduct during the IPO of structured and consumer finance player Sarwa Capital.

Did the FRA vote on the suspension without having quorum? Beltone has also requested to see the original record of the meeting during which the FRA’s board of directors decided to impose the suspension to confirm that the board had quorum while voting on the move, Matouk Bassiouny’s head of litigation, Osman Mowafy, said, according to the newspaper.

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