Qalaa’s ASEC is taking Misr Beni-Suef to arbitration

Qalaa Holdings subsidiary the Arab Swiss Engineering Company (ASEC) has filed an arbitration suit against Misr Beni-Suef Cement to resolve a contractual dispute, Qalaa said in a regulatory filing (pdf). ASEC has been managing Beni-Suef’s factory for over 20 years. The dispute started in October 2020, when Misr Beni-Suef began procedures to let go of ASEC, leading ASEC to object and halt production, according to Youm7. In turn, Misr Beni-Suef withheld EGP 90 mn from ASEC’s paycheck to prevent it from leaving the partnership with technical staff and engineers.