Egypt’s Beltone Sues Exchange, Regulator Over Canceled Tradesby
Beltone Financial Holding, the Egyptian investment bank owned by billionaire Naguib Sawiris, has filed a lawsuit against the heads of the country’s regulator and stock exchange following the repeated cancellation of trading in its shares.
The company is suing the chairman of the Egyptian Financial Supervisory Authority and the chairman of the Egyptian Stock Exchange and has requested compensation from the bourse, Beltone’s attorney and shareholder Atef Elsherif said in a phone interview.
The lawsuit is the latest effort by Beltone to combat the cancellations. While the company has filed a complaint at EFSA against the decisions, the regulator has referred 12 people to general prosecution for manipulation of its shares, according to an official. Earlier this month Beltone’s plan to buy Commercial International Bank Egypt’s investment-banking unit failed as regulators held up the deal.
EFSA Chairman Sherif Samy said everyone has the right to challenge decisions in front of the administrative court, declining to comment further. Bourse Chairman Mohamed Omran wasn’t immediately available to comment.
Beltone shares dropped 2.8 percent, paring gains this year to 116 percent.