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Monday, 10 December 2018

Egypt’s FRA to hear Beltone’s appeal of its suspension today

The Financial Regulatory Authority will hear today an appeal today by Beltone Financial of a six-month suspension handed to the firm’s investment banking arm. The FRA had imposed the suspension following allegations of irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, whose shares plunged on the first day of trading. Beltone has denied the allegations with some backup coming from Misr for Central Clearing, Depository & Registry and the Egyptian Capital Markets Association. A separate Administrative Court ruling on an appeal is scheduled to take place on Saturday, 15 December. The hearing comes as Beltone has gone on the offensive to make the case that it did nothing wrong. You can read our rundown of what the FRA is alleging here.

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