{"id":597407,"date":"2019-07-25T03:46:40","date_gmt":"2019-07-25T03:46:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/"},"modified":"2019-07-25T03:46:40","modified_gmt":"2019-07-25T03:46:40","slug":"justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/","title":{"rendered":"Justice Ministry committee adjourns Raya case against FRA to 22 Sep"},"content":{"rendered":"<p><b>DISPUTE WATCH- Raya\u2019s case against the FRA adjourned to 22 September:<\/b> The Justice Ministry\u2019s dispute resolution committee has adjourned a case filed by Raya Holding\u2019s Chairman Medhat Khalil against the Financial Regulatory Authority (FRA) to 22 September, sources close to the matter <a href=\"https:\/\/almalnews.com\/%d9%81%d8%b6-%d9%85%d9%86%d8%a7%d8%b2%d8%b9%d8%a7%d8%aa-%d8%aa%d8%a4%d8%ac%d9%84-%d9%86%d8%b8%d8%b1-%d9%86%d8%b2%d8%a7%d8%b9-%d8%b1%d8%a7%d9%8a%d8%a9-%d8%a7%d9%84%d8%b1%d9%82%d8%a7\/\">told Al Mal<\/a>. A fresh dispute has arisen between the two sides after the FRA insisted that its own committee should mediate the dispute, instead of the dispute resolution committee, the sources said. Khalil, who is looking to reduce or overturn the EGP 11 mn fine imposed by the FRA in connection with a mandatory tender offer, <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/\">had requested<\/a> that the dispute resolution committee act as the mediator.<\/p>\n<p><b>Background: <\/b>The FRA <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/26\/fra-files-lawsuit-against-rayas-medhat-khalil-for-not-paying-fine\/\">filed the lawsuit<\/a> against Khalil in May alleging that he failed to pay an EGP 11 mn fine handed out after he exceeded the maximum ownership limit in Raya without making a mandatory tender offer (MTO). The FRA had ordered Khalil at the end of last year to submit an MTO for Raya or sell down his stake, arguing that he and related parties controlled a combined 42% of the company \u2014 a level of control that triggers the requirement for an MTO under securities regulations. Khalil <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/10\/medhat-khalil-acquires-26-7-of-raya-holding-shares-in-mto-3\/\">bought 26.7%<\/a> (56.919 mn shares) of Raya Holding through his El Pharonia Real Estate Investment at a cost of EGP 314.76 mn in an MTO. An administrative court will separately look into charges brought by the FRA against Raya Holding founder Medhat Khalil <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/\">on 29 July<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DISPUTE WATCH- Raya\u2019s case against the FRA adjourned to 22 September: The Justice Ministry\u2019s dispute resolution committee has adjourned a case filed by Raya Holding\u2019s Chairman Medhat Khalil against the Financial Regulatory Authority (FRA) to 22 September, sources close to the matter told Al Mal. A fresh dispute has arisen between the two sides after [&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":[8572],"tags":[957,72,76,411,3419,7128,614,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597407","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-dispute-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-judiciary","tag-justice-ministry","tag-ma-watch","tag-raya-holding","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2800b618-6cda-451e-8504-1b381a5f07e3","is_powered_by":true,"section_story_id":"1e80c67f-d5b3-4755-bb86-8960519492eb","story_type":"1","photo_url":"","photo_position":"above","related_issue":[597394],"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>Justice Ministry committee adjourns Raya case against FRA to 22 Sep - 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\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Justice Ministry committee adjourns Raya case against FRA to 22 Sep\" \/>\n<meta property=\"og:description\" content=\"DISPUTE WATCH- Raya\u2019s case against the FRA adjourned to 22 September: The Justice Ministry\u2019s dispute resolution committee has adjourned a case filed by Raya Holding\u2019s Chairman Medhat Khalil against the Financial Regulatory Authority (FRA) to 22 September, sources close to the matter told Al Mal. A fresh dispute has arisen between the two sides after [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-25T03:46:40+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Justice Ministry committee adjourns Raya case against FRA to 22 Sep\",\"datePublished\":\"2019-07-25T03:46:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/\"},\"wordCount\":249,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"dispute watch\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"judiciary\",\"justice ministry\",\"M&amp;A Watch\",\"Raya Holding\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/\",\"name\":\"Justice Ministry committee adjourns Raya case against FRA to 22 Sep - 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Khalil is looking to cut down or overturn fines (details below) in\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":594415,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/29\/justice-ministry-rejects-medhat-khalils-mediation-request\/","url_meta":{"origin":597407,"position":1},"title":"Justice Ministry rejects Medhat Khalil\u2019s mediation request","author":"enterpriseam admin","date":"29 October 2019","format":false,"excerpt":"\u00a0DISPUTE WATCH- Justice Ministry rejects Medhat Khalil\u2019s mediation request: The Justice Ministry\u2019s dispute resolution committee has ruled that it has no subject-matter jurisdiction to mediate the ongoing dispute between Raya Holding\u2019s Chairman Medhat Khalil and the Financial Regulation Authority (FRA), the local press reports. Khalil, who is looking to reduce\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":593466,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/court-rejects-acumen-raya-lawsuits-against-fras-mohamed-omran\/","url_meta":{"origin":597407,"position":2},"title":"Court rejects Acumen, Raya lawsuits against FRA\u2019s Mohamed Omran","author":"enterpriseam admin","date":"28 November 2019","format":false,"excerpt":"DISPUTE WATCH- Court rejects Acumen Holding\u2019s lawsuit against FRA boss for reputational damage: A Giza court rejected yesterday a EGP 20 mn lawsuit filed by Acumen Holding against Financial Regulatory Authority (FRA) Chairman Mohamed Omran for alleged reputational damage, according to Al Mal. The company had demanded compensation for harm\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\/7\/2993.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568589,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/28\/court-fines-rayas-medhat-khalil-more-than-egp-110-mn\/","url_meta":{"origin":597407,"position":3},"title":"Court fines Raya\u2019s Medhat Khalil more than EGP 110 mn","author":"enterpriseam admin","date":"28 January 2020","format":false,"excerpt":"DISPUTE WATCH- Court hands Medhat Khalil the largest fine in Egyptian capital market history: The Cairo Economic Court yesterday ruled in the Financial Regulatory Authority\u2019s (FRA) favor in its long-running dispute with Raya Holding\u2019s Chairman Medhat Khalil, according to Al Masry Al Youm. Khalil allegedly failed to pay an EGP\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\/2020\/1\/719.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598430,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/fra-files-lawsuit-against-rayas-medhat-khalil-for-not-paying-fine\/","url_meta":{"origin":597407,"position":4},"title":"FRA files lawsuit against Raya\u2019s Medhat Khalil for not paying fine","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"DISPUTE WATCH- FRA files lawsuit against Raya\u2019s Medhat Khalil for not paying a fine: Regulators have filed a lawsuit against Raya Holding Chairman Medhat Khalil, alleging he has failed to pay an EGP 11 mn fine handed out after he exceeded the maximum ownership limit in Raya without making a\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":572619,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/medhat-khalil-pays-egp-10-mn-fine-to-egypts-fra-over-raya-ownership-limits\/","url_meta":{"origin":597407,"position":5},"title":"Medhat Khalil pays EGP 10 mn fine to Egypt\u2019s FRA over Raya ownership limits","author":"enterpriseam admin","date":"1 July 2020","format":false,"excerpt":"DISPUTE WATCH- Medhat Khalil pays EGP 10 mn fine to FRA over Raya ownership limits: Medhat Khalil has paid an EGP 10 mn fine the Financial Regulatory Authority (FRA) had handed him last year after it said he had crossed the ownership threshold that would require him to mount a\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597407","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=597407"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597407\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597394"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597407"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597407"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}