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Wednesday, 1 July 2020

Medhat Khalil pays EGP 10 mn fine to Egypt’s FRA over Raya ownership limits

DISPUTE WATCH- Medhat Khalil pays EGP 10 mn fine to FRA over Raya ownership limits: Medhat Khalil has paid an EGP 10 mn fine the Financial Regulatory Authority (FRA) had handed him last year after it said he had crossed the ownership threshold that would require him to mount a mandatory tender offer for 100% of the company he founded, Youm7 reports. The Cairo Economic Court had ruled in January in the FRA’s favor, slapping the Raya Holding chairman with a EGP 110 mn fine. Khalil went on to appeal the Cairo Economic Court’s ruling.

Khalil’s decision to pay the original EGP 10 mn fine comes ahead of a Sunday hearing in the case, which now appears set to be closed.

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