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Sunday, 7 July 2019

Acumen files EGP 20 mn lawsuit against FRA boss for reputational damage

DISPUTE WATCH- Acumen files EGP 20 mn lawsuit against FRA boss for “reputational damage”: A Giza court is expected to rule on 30 July on a EGP 20 mn lawsuit filed by Acumen Holding against Financial Regulatory Authority (FRA) boss Mohamed Omran for reputational damage, the local press reported. The company is demanding EGP 20 mn in compensation for harm caused to its reputation as a result of an FRA ban in 2017 that was later overruled, Acumen Chairman Rana Adawi said.

Background: An administrative court last month overturned the FRA’s decision to ban Acumen from buying Egypt Gas shares for three months and ordered the regulator to pay EGP 30k in compensation. The FRA had banned Acumen in October 2017 after alleging that Egypt Gas shares had been subject to stock manipulation. Acumen had denied the allegations and challenged the FRA’s decision.

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