{"id":598790,"date":"2019-06-09T04:00:58","date_gmt":"2019-06-09T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/"},"modified":"2019-06-09T04:00:58","modified_gmt":"2019-06-09T04:00:58","slug":"state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/","title":{"rendered":"State Council adjourns Medhat Khalil\u2019s lawsuit against FRA to July"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <b>DISPUTE WATCH- Medhat Khalil seeks Justice Ministry intervention in dispute with FRA: <\/b>Raya Holding\u2019s Chairman Medhat Khalil filed a request with the Justice Ministry\u2019s dispute resolution committee to mediate in ongoing disputes with the Financial Regulatory Authority (FRA). Khalil is looking to cut down or overturn fines (details below) in connection with a mandatory tender offer forced on him by the FRA, <a href=\"https:\/\/almalnews.com\/%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D9%8A%D8%A4%D8%AC%D9%84-%D9%86%D8%B8%D8%B1-%D8%AF%D8%B9%D9%88%D9%89-%D8%B1%D8%A7%D9%8A%D8%A9-%D8%B6%D8%AF-%D8%A7%D9%84\/\">Al Mal<\/a> reports. The FRA is also alleged to have blocked Raya\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/26\/fra-files-lawsuit-against-rayas-medhat-khalil-for-not-paying-fine\/\">bid to acquire a license<\/a> to set up a firm that would specialize in securitized debt offerings. Separately, the Council of State (Maglis El Dawla) has postponed to July its next hearing in a separate case filed by Khalil to quash the fine.<\/p>\n<p><b>Background:<\/b> The FRA alleges Khalil 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% (56.919 mn shares)<\/a> of Raya Holding through his El Pharonia Real Estate Investment at a cost of EGP 314.76 mn in an MTO.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DISPUTE WATCH- Medhat Khalil seeks Justice Ministry intervention in dispute with FRA: Raya Holding\u2019s Chairman Medhat Khalil filed a request with the Justice Ministry\u2019s dispute resolution committee to mediate in ongoing disputes with the Financial Regulatory Authority (FRA). Khalil is looking to cut down or overturn fines (details below) in connection with a mandatory tender [&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":[957,72,76,614,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598790","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-dispute-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-raya-holding","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"820f94ce-5471-4e16-a60e-5f1aa24e5ceb","is_powered_by":true,"section_story_id":"d2063c32-4183-4dd5-98dc-e95d8946b95f","story_type":"1","photo_url":"","photo_position":"above","related_issue":[598777],"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>State Council adjourns Medhat Khalil\u2019s lawsuit against FRA to July - 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\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State Council adjourns Medhat Khalil\u2019s lawsuit against FRA to July\" \/>\n<meta property=\"og:description\" content=\"DISPUTE WATCH- Medhat Khalil seeks Justice Ministry intervention in dispute with FRA: Raya Holding\u2019s Chairman Medhat Khalil filed a request with the Justice Ministry\u2019s dispute resolution committee to mediate in ongoing disputes with the Financial Regulatory Authority (FRA). Khalil is looking to cut down or overturn fines (details below) in connection with a mandatory tender [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-09T04:00:58+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\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"State Council adjourns Medhat Khalil\u2019s lawsuit against FRA to July\",\"datePublished\":\"2019-06-09T04:00:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/\"},\"wordCount\":232,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"dispute watch\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"Raya Holding\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/\",\"name\":\"State Council adjourns Medhat Khalil\u2019s lawsuit against FRA to July - 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Khalil is looking to cut down or overturn fines (details below) in connection with a mandatory tender [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2019-06-09T04:00:58+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"State Council adjourns Medhat Khalil\u2019s lawsuit against FRA to July","datePublished":"2019-06-09T04:00:58+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/"},"wordCount":232,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["dispute watch","EnterpriseAM","Financial Regulatory Authority","Raya Holding","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/","url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/","name":"State Council adjourns Medhat Khalil\u2019s lawsuit against FRA to July - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2019-06-09T04:00:58+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/state-council-adjourns-medhat-khalils-lawsuit-against-fra-to-july\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"State Council adjourns Medhat Khalil\u2019s lawsuit against FRA to July"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":597407,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/justice-ministry-committee-adjourns-raya-case-against-fra-to-22-sep\/","url_meta":{"origin":598790,"position":0},"title":"Justice Ministry committee adjourns Raya case against FRA to 22 Sep","author":"enterpriseam admin","date":"25 July 2019","format":false,"excerpt":"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\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":598790,"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":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":598790,"position":2},"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":[]},{"id":598430,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/fra-files-lawsuit-against-rayas-medhat-khalil-for-not-paying-fine\/","url_meta":{"origin":598790,"position":3},"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":568589,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/28\/court-fines-rayas-medhat-khalil-more-than-egp-110-mn\/","url_meta":{"origin":598790,"position":4},"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":572742,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/court-postpones-ruling-on-raya-dispute-as-founder-medhat-khalil-seeks-settlement\/","url_meta":{"origin":598790,"position":5},"title":"Court postpones ruling on Raya dispute as founder Medhat Khalil seeks settlement","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"DISPUTE WATCH- Court postpones ruling on Raya-FRA dispute as founder Medhat Khalil seeks settlement: The Cairo Economic Court has postponed a hearing that was scheduled for Sunday to look into an appeal by Raya Holding Chairman Medhat Khalil against a fine issued by the FRA for violating company ownership limits,\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\/598790","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=598790"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598790\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598777"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598790"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598790"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}