Cairo – Mubasher: Qalaa Holdings announced that the company's Chairman, Ahmed Heikal, has settled a lawsuit filed against him related to a dispute over a $4 million check, according to a bourse disclosure on Thursday. 

In June, Heikal was informed that his name appeared on the travel ban list as he was embarking on a business trip to attend a board meeting of a subsidiary company in Sudan. 

The company’s legal department investigated the matter and found that it was a result of an absentee first-degree court ruling related to a commercial dispute pertaining to a $4 million check.

In a separate disclosure on Thursday, the company said that the semi-annual financial statements are currently being prepared and reviewed. They are expected to be submitted in September. 

During the first quarter (Q1) of 2021, Qalaa Holdings reported net losses of EGP 1.95 billion, up from EGP 1.58 billion in Q1-20, including minority shareholders' rights.