Administrative court overturns FRA decision against Acumen on Egypt Gas shares

DISPUTE WATCH- Administrative court overturns regulator’s decision to ban Acumen from buying Egypt Gas shares: The Council of State’s (Maglis El Dawla) administrative court has overturned the Financial Regulatory Authority’s (FRA) decision to ban Acumen from buying Egypt Gas shares for three months, the local press reported. The court is also ordering the FRA to pay EGP 30k to Acumen as compensation.

Background: The FRA banned Acumen in October 2017 after alleging that Egypt Gas shares had been subject to stock manipulationj. Acumen had denied the allegations and challenged the FRA’s decision.