Back to the complete issue
Sunday, 6 January 2019

Court refers Beltone cases against FRA to expert committee

Administrative Court refers Beltone appeal against FRA decision to Board of Commissioners: An administrative court has referred Beltone Financial’s cases against the Financial Regulatory Authority (FRA) to its Board of Commissioners and set 26 January as deadline to receive legal advice, Matouk Bassiouny’s head of litigation, Osman Mowafy, told Al Mal. The FRA last year suspended Beltone’s investment banking arm for six months for irregularities it said it found in an IPO the firm managed. Beltone denies any wrongdoing. The FRA rejected a Beltone appeal against the decision last month.

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. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank 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; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.