By Mahmoud Salah

Cairo – Mubasher: The chairmen of the Egyptian Exchange (EGX) and the Egyptian Financial Supervisory Authority (EFSA) got involved in two lawsuits regarding repetitive trade halts on Beltone’s stock, said Atef El Sherif, the former EGX chairman and founder of El Sherif Law Firm & Consultants.

Trading on the stock was suspended for 46 sessions during February-June 2016, according to Mubasher database,

The first lawsuit no. 58364/70 was submitted by Beltone against Mohamed Omran, EGX chairman, and Sherif Samy, EFSA chairman, in order to invalidate all canceled transactions and trade halts.

Meanwhile, the second one no. 59346/70 was raised by Atef El Sherif in his capacity as a shareholder in the company for seeking physical as well as moral damages.

Over the past days, Beltone’s stock saw a leap after its bid for CI Capital, but the deal was shut down as governmental agencies insisted on hampering the process, according to Beltone Financial’s legal adviser Ashraf El-Ibrachy.

Earlier, Beltone took over a 70% stake of Reefy - Micro Finance Enterprise Services Company at EGP 105 million, in which Naguib Sawiris has an indirect stake of 60%. 

Translated by Ahmed Elsayed Ali