Sept. 7 (Bloomberg) -- Orascom Development Holding AG, a developer of resorts in Europe and the Middle East, surged the most on record after a prison sentence in Egypt against its chairman was nullified.
The Egyptian depositary receipts, or shares of the company trading in Cairo, climbed 9.3 percent, the biggest gain since Bloomberg started tracking the shares in December 2009, to 6.97 Egyptian pounds at the 2:30 p.m. close in Cairo. The company’s Swiss shares rose 12 percent to 19.15 francs.
The Altdorf, Switzerland-based developer said its Egyptian subsidiary Orascom Hotels and Development reached a settlement with the Egyptian Financial Supervisory Authority, the market regulator, scrapping a two-year prison sentence and fine against Chairman Samih Sawiris.
The settlement requires Sawiris to admit fault and pay a fine of 20 million pounds ($3.3 million), according to an e-mailed statement from EFSA today. The settlement scraps the court’s sentence declared last month, EFSA said.
Sawiris had been sentenced to two years in jail, a fine of 6,780 Swiss francs and bail of 2,720 francs over disclosure violations.
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