Court refers Beltone cases against FRA to expert committee

Administrative Court refers Beltone appeal against FRA decision to Board of Commissioners: An administrative court has referred Beltone Financial’s cases against the Financial Regulatory Authority (FRA) to its Board of Commissioners and set 26 January as deadline to receive legal advice, Matouk Bassiouny’s head of litigation, Osman Mowafy, told Al Mal. The FRA last year suspended Beltone’s investment banking arm for six months for irregularities it said it found in an IPO the firm managed. Beltone denies any wrongdoing. The FRA rejected a Beltone appeal against the decision last month.