EFSA submits report to administrative court accusing Beltone investors of manipulating stocks

Beltone stock manipulation saga continues. The Egyptian Financial Supervisory Authority (EFSA) has submitted documents to the Administrative Court accusing some shareholders in Beltone Financial of manipulating stocks, Al Shorouk reports. Media reports don’t make this clear, but no allegations of wrongdoing have been lodged against Beltone or any company executive. The case dates back to 9 February of last year, when investors allegedly bid for large blocks of Beltone shares before canceling minutes later, prompting Beltone’s share price to pop. The EGX repeatedly reversed trades of Beltone’s shares and Beltone retaliated by suing the heads of the EGX and EFSA for “deliberately harming” Beltone Financial through repeated cancellation of its trades. In May, EFSA sent the Prosecutor General’s office its case file on the traders accused of market manipulation, with EFSA chief Sherif Samy saying at the time Beltone is not suspected of any wrongdoing.