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Tuesday, 11 December 2018

Egypt’s FRA postpones Beltone appeal hearing again

FRA postpones hearing on Beltone appeal to 17 December: The Financial Regulatory Authority has postponed to Monday, 17 December is hearing on Beltone Financial’s appeal hearing of a six-month suspension handed to its investment banking arm, according to Al Mal. The hearing was first scheduled to take place on 26 November only to be postponed to yesterday. The FRA suspended Beltone’s investment banking arm last month, alleging there were “irregularities” in the IPO of structured- and consumer-finance player Sarwa Capital’s IPO, which Beltone managed. The firm has denied any wrongdoing. The Administrative Court is also expected to speak on a separate appeal by Beltone this coming Saturday, 15 December.

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