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Thursday, 3 December 2020

Juhayna’s Safwan Thabet is detained pending investigation

Juhayna Chairman Safwan Thabet has been detained by authorities “pending investigation,” the FMCG giant said in a statement. The company said the arrest “is not related in any way to the company, its daily operations, or management.” Reuters cites an unnamed security source as saying the veteran businessman was arrested due to allegations of “financial irregularities,” but does not make clear that those were related to Juhayna. Thabet’s son and Juhayna deputy chairman and CEO, Seif, will become the acting chairman, the company said. Daily operations at the company are continuing as normal.

This isn’t the first time Thabet has had issues: Thabet was placed on a terror watchlist in 2017 and saw his personal assets frozen for an alleged affiliation with the Ikhwan. He denied belonging to the banned group, claiming that his “familial ties to former Ikhwan leader Hassan El Houdaiby do not mean he belongs to the Ikhwan.” Thabet appealed the asset freeze several times, but all appeals were rejected, according to Alhurra.

Juhayna was the biggest loser on the EGX yesterday: Shares fell 6.25% following news of Thabet’s arrest to reach EGP 6.45 apiece.

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