The Administrative Court of the State Council, Saturday, for two complaints submitted by Beltone Financial Holdings’ against the Financial Supervisory Authority.
The chamber decided to refer the two cases to the office of the state commissioner, which will prepare a report on the legality of both cases; one of the issues will be handled as an urgent issue, while the other will be handled as a substantive matter.
The court also set January 26 as the deadline for the legal reports.
The Grievance Committee at the Financial Regulatory Authority’s decision to reject Beltone Financial Holdings’ complaint contained incorrect facts and conclusions and did not respond to the company’s defense, Member of Board of Directors of Beltone Naguib Sawiris said.
“Unfortunately, there was a chance for the authority to back away from these wrong procedures, which would affect the confidence in the Egyptian stock exchange and in the position of the Financial Supervisory Authority, as everyone knows that the chairman of the supervisory body has got personal reasons for these actions in light of a case raised personally by Beltone,” Sawiris told Egypt Today.
Sawiris pointed out that Beltone will continue to carry out all the legal procedures guaranteed by law to confirm the validity of all procedures followed by the company, confirming that it followed the same rules that were customary in all previous proposals in the absence of issuing any rules or regulations.
He added that the company will resort to appealing this decision to the committees and the competent authorities.
The Appeals Committee of the Egyptian Financial Regulatory Authority (FRA) rejected Beltone Financial Holding’s grievances against the decision to suspend the company from covering and promoting initial public offerings (IPOs) for six months and to raising its insurance value to LE 50 million.
The Grievance Committee of the Commission decided to accept Beltone’s grievances’ form and reject its subject.
Beltone Financial is awaiting the decision of the Administrative Court in January in the lawsuit filed for the same decision.
Egypt Today
