{"id":547357,"date":"2022-06-19T04:47:05","date_gmt":"2022-06-19T04:47:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/"},"modified":"2022-06-19T04:47:05","modified_gmt":"2022-06-19T04:47:05","slug":"qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/","title":{"rendered":"Qalaa Holdings will fight to clear chairman Ahmed Heikal\u2019s name"},"content":{"rendered":"<p><strong>Qalaa Holdings has said it will appeal against a <\/strong><strong>court ruling <\/strong><strong>handed to its chairman <\/strong><strong>Ahmed Heikal <\/strong>over USD 18 mn of bounced checks, the company said in a <a href=\"\">statement (pdf)<\/a>. Qalaa said the preliminary ruling over a commercial dispute was made in absentia without the knowledge of its representatives. The statement comes after <a href=\"https:\/\/www.dostor.org\/4111590\">local media reported<\/a> that a Giza court had sentenced Heikal to several years in prison and an EGP 10k fine over the bounced checks.<\/p>\n<p><strong>It\u2019s a not-uncommon feature of our legal landscape for verdicts to be handed down <\/strong><strong>without the defendant even being notified<\/strong> that they\u2019re taking place. Verdicts issued in absentia are automatically set aside when the defendant appears and the court then re-hears the case. Legal scholars and lawmakers have for years <a href=\"https:\/\/alwafd.news\/essay\/52183\">called for<\/a> the provision to be scrapped, most recently during <a href=\"https:\/\/www.elbalad.news\/3516332\">a 2018 debate<\/a> about the overhaul of the penal code. Heikal last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5367477-911f-4727-a7a1-37b6673c874b\">settled a case<\/a> involving a single USD 4 mn check, which saw him slapped with a travel ban as the result of a court ruling handed down to him in absentia.<\/p>\n<p><strong>In other Qalaa Holding news<\/strong>, the Transport Ministry has signed an MoU with Qalaa Holdings subsidiary National River Port Management Company (NRPMC) to help develop, operate, and manage two multi-purpose stations at the Dekheila and the Ain Sokhna ports, according to a ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Rz5DQKjzE8uvmeZ9k4vTeFppKKJ64CWxTCKkq2t4aNy7ZhCqXWu5o6tH45h9bmdGl\">statement<\/a>.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Cleopatra Hospitals Group<\/strong> began operations at its first<strong> robotic surgery center<\/strong> at the company\u2019s<strong> Al Shorouk Hospital<\/strong> in Giza\u2019s Mohandeseen. (<a href=\"https:\/\/ent.news\/2022\/6\/Cleo-Robotic-Surgery-PR-E-v1-copy-copy.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Passenger and cruise ships<\/strong> stopping at Mediterranean and Red Sea ports will get a <strong>50% rebate<\/strong> on its transit fees. (<a href=\"https:\/\/ent.news\/2022\/6\/Periodical-concerning-the-amendment-circ.7.2020-till-01.07.22.pdf\">Circular, pdf<\/a>)<\/li>\n<li><strong>Al Nowais subsidiary AMEA Power expects to raise USD 1 bn in <\/strong><strong>investments for its two Egyptian renewables projects by the end of the year<\/strong> and to finish construction within 18-24 months. (<a href=\"https:\/\/www.asharqbusiness.com\/article\/38637\">Bloomberg Asharq<\/a>)<\/li>\n<li><strong>Pfizer <\/strong>will provide <strong>Egypt<\/strong> with the technology to produce vaccines that prevent <a href=\"https:\/\/www.cdc.gov\/pneumococcal\/about\/infection-types.html\">pneumococcal infections<\/a>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ZXF2EpqyvMKYz8nCumctpbooidRzoAQkUGC4WwRsmnKZV6MsEUoGr5QLFZbzNCKdl\">Statement<\/a>)<\/li>\n<li><strong>A Zamalek couple has been sentenced <\/strong>to five years in prison and fines of EGP 1 mn each after they were convicted of <strong>antiquities trafficking<\/strong> from their apartment, which prosecutors say contained <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dce8fa62-fc9d-476f-b046-287a8eecd5b3\">almost 2k artifacts<\/a>. (<a href=\"https:\/\/bit.ly\/3y2tqor\">Masrawy<\/a>)<\/li>\n<li><strong>Gamea talks RIZ: <\/strong>Trade and Industry Minister Nevine Gamea discussed updates on the planned Russian Industrial Zone (RIZ) with Russian counterpart Denis Manturov during her participation in SPIEF. (<a href=\"https:\/\/bit.ly\/3xCtPwp\">Statement<\/a>).<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Qalaa Holdings has said it will appeal against a court ruling handed to its chairman Ahmed Heikal over USD 18 mn of bounced checks, the company said in a statement (pdf). Qalaa said the preliminary ruling over a commercial dispute was made in absentia without the knowledge of its representatives. The statement comes after local [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[1805,111,192,317,72,7111,146,613,113],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547357","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-ahmed-heikal","tag-also-on-our-radar","tag-cleopatra-hospitals-group","tag-commodities","tag-enterpriseam","tag-infrastructure","tag-pfizer","tag-qalaa-holdings","tag-vaccines","wpautop","entry"],"acf":{"mongo_id":"72f8b22f-6c98-4949-b2a3-be55dc3948bc","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547341],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Qalaa Holdings will fight to clear chairman Ahmed Heikal\u2019s name - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qalaa Holdings will fight to clear chairman Ahmed Heikal\u2019s name\" \/>\n<meta property=\"og:description\" content=\"Qalaa Holdings has said it will appeal against a court ruling handed to its chairman Ahmed Heikal over USD 18 mn of bounced checks, the company said in a statement (pdf). Qalaa said the preliminary ruling over a commercial dispute was made in absentia without the knowledge of its representatives. 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Heikal was informed by authorities back then that he was not allowed\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563010,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/this-morning-qalaa-chairman-ahmed-heikal-slapped-with-travel-ban-arab-league-gerd-meeting-today-nato-gets-tough-on-china-fed-meeting-starts-today\/","url_meta":{"origin":547357,"position":1},"title":"THIS MORNING: Qalaa Chairman Ahmed Heikal slapped with travel ban; Arab League GERD meeting today; Nato gets tough on China; Fed meeting starts today.","author":"enterpriseam admin","date":"15 June 2021","format":false,"excerpt":"Good morning, friends \u2014 we hope you got a good night\u2019s sleep and are looking forward to hump day. It\u2019s a busy news news morning, so let\u2019s jump right in:We have part two of our exclusive sitdown with French Finance Minister Bruno Le Maire, who signed in Cairo earlier this\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571728,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/21\/heikal-appears-on-egx-talks-to-discuss-how-covid-19-is-impacting-qalaa-holdings\/","url_meta":{"origin":547357,"position":2},"title":"Heikal appears on EGX Talks to discuss how covid-19 is impacting Qalaa Holdings","author":"enterpriseam admin","date":"21 May 2020","format":false,"excerpt":"Ahmed Heikal on EGX Talks: Qalaa chairman Ahmed Heikal sat down for the first installment of the Egyptian Exchange\u2019s EGX Talks Youtube series (watch, runtime: 18:38), which launched to keep retail investors engaged during the pandemic. Among the highlights: \u201cWe are in good shape\u201d: Qalaa\u2019s portfolio is diverse, with 46\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594134,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/qalaa-holdings-to-ipo-taqa-arabia-arab-refining-company-next-year\/","url_meta":{"origin":547357,"position":3},"title":"Qalaa Holdings to IPO TAQA Arabia, Arab Refining Company next year","author":"enterpriseam admin","date":"21 October 2019","format":false,"excerpt":"IPO WATCH- Qalaa Holdings to kick off four-year IPO program next year by listing shares of TAQA Arabia, ARC: Qalaa Holdings is planning to move ahead with the IPO of several of its subsidiaries next year, with IPO of TAQA Arabia scheduled to take place in 2Q 2020 and the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597831,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/06\/qalaa-holdings-expects-revenues-to-exceed-egp-90-bn-next-year\/","url_meta":{"origin":547357,"position":4},"title":"Qalaa Holdings expects revenues to exceed EGP 90 bn next year","author":"enterpriseam admin","date":"6 May 2019","format":false,"excerpt":"Qalaa Holdings expects to record revenues north of EGP 90 bn (USD 5.25 bn) next year, Chairman Ahmed Heikal told Reuters. Some EGP 50-55 bn will come from the investment company\u2019s Egyptian Refining Company, which is expected to produce 2.4 mn tonnes of diesel every year after it begins operations\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554247,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/27\/qalaa-looking-at-africa-says-erc-still-in-talks-on-debt-restructuring\/","url_meta":{"origin":547357,"position":5},"title":"Qalaa looking at Africa, says ERC still in talks on debt restructuring","author":"enterpriseam admin","date":"27 December 2021","format":false,"excerpt":"Qalaa Holdings is looking to expand its investments in African mining and energy firms, including in Tanzania, Mozambique and Ghana, Qalaa Chairman and Founder Ahmed Heikal told CNBC on Thursday. Qalaa will look to gradually increase its investments in Africa, which currently stand at USD 500 mn, Heikal said. He\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547357"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547357\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547341"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547357"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547357"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}