{"id":599691,"date":"2019-01-08T05:09:49","date_gmt":"2019-01-08T05:09:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/"},"modified":"2019-01-08T05:09:49","modified_gmt":"2019-01-08T05:09:49","slug":"fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/","title":{"rendered":"FRA looking to file criminal case against Beltone officials over Sarwa IPO"},"content":{"rendered":"

<\/a> FRA looking to file criminal case against Beltone officials over Sarwa IPO:<\/b> The Financial Regulatory Authority (FRA) is looking to file a criminal case against officials at Beltone Financial\u2019s brokerage and investment banking arms over alleged irregularities in the IPO of Sarwa Capital, according to statements from the FRA presented to the Administrative Court last week, according to Youm7<\/a>. The FRA has requested that the Financial Affairs Prosecution to look into the alleged wrongdoing and determine which individuals would be brought to trial.<\/p>\n

Background:<\/b> Beltone and the FRA have been butting heads over Beltone\u2019s management of Sarwa\u2019s IPO, which saw the structured- and consumer-finance player\u2019s shares plunge on the first day of trading, prompting an investigation into the transaction. Beltone has denied the allegations with some backup coming from Misr for Central Clearing, Depository & Registry and the Egyptian Capital Markets Association. Sarwa\u2019s shares have yet to recover \u201cto anywhere close to the IPO price \u2026 even after Beltone\u2019s parent company Orascom Investment Holding bought a 30 percent stake in the company,\u201d Bloomberg notes<\/a>.<\/p>\n

Did FinMin really blame the Sarwa IPO for the delay in the state privatization program?<\/b> The FRA also claims that it received a written statement from the Finance Ministry suggesting that the downslide in the Sarwa IPO was motivator behind the delay in the state IPO program.<\/p>\n","protected":false},"excerpt":{"rendered":"

FRA looking to file criminal case against Beltone officials over Sarwa IPO: The Financial Regulatory Authority (FRA) is looking to file a criminal case against officials at Beltone Financial\u2019s brokerage and investment banking arms over alleged irregularities in the IPO of Sarwa Capital, according to statements from the FRA presented to the Administrative Court last […]<\/p>\n","protected":false},"author":1,"featured_media":599692,"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":[812,933,72,76,78,618,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-beltone-financial","tag-contact-financial","tag-enterpriseam","tag-financial-regulatory-authority","tag-ipo-watch","tag-orascom-investment-holding","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"577bef02-8ac1-4450-9fee-25b9377371a7","is_powered_by":true,"section_story_id":"61137b8b-f3f9-4fc5-92a7-8071a9f6912f","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/1\/543.jpg","photo_position":"above","related_issue":[599679],"teaser":"","voice_url":""},"yoast_head":"\nFRA looking to file criminal case against Beltone officials over Sarwa IPO - 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\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA looking to file criminal case against Beltone officials over Sarwa IPO\" \/>\n<meta property=\"og:description\" content=\"FRA looking to file criminal case against Beltone officials over Sarwa IPO: The Financial Regulatory Authority (FRA) is looking to file a criminal case against officials at Beltone Financial\u2019s brokerage and investment banking arms over alleged irregularities in the IPO of Sarwa Capital, according to statements from the FRA presented to the Administrative Court last […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-08T05:09:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/1\/543.jpg?fit=%2C&ssl=1\" \/>\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\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FRA looking to file criminal case against Beltone officials over Sarwa IPO\",\"datePublished\":\"2019-01-08T05:09:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/\"},\"wordCount\":236,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/1\/543.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Beltone Financial\",\"Contact Financial\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"IPO watch\",\"Orascom Investment Holding\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/\",\"name\":\"FRA looking to file criminal case against Beltone officials over Sarwa IPO - 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The Administrative Court\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621271,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypts-fra-says-suspended-beltones-investment-banking-arm-due-to-irregularities-in-sarwa-ipo\/","url_meta":{"origin":599691,"position":1},"title":"Egypt\u2019s FRA says suspended Beltone\u2019s investment banking arm due to irregularities in Sarwa IPO","author":"enterpriseam admin","date":"5 November 2018","format":false,"excerpt":"** #1 FRA says Beltone suspension was due to \u201cirregularities\u201d in Sarwa IPO: The Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s investment banking unit for six months after an investigation allegedly found the initial public offering of structured and consumer finance player Sarwa Capital last month was \u201cmarred by some\u2026","rel":"","context":"In "Speed Round"","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":601339,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/26\/beltone-pays-egypts-fra-egp-16-mn-to-lift-investment-banking-suspension\/","url_meta":{"origin":599691,"position":2},"title":"Beltone pays Egypt\u2019s FRA EGP 16 mn to lift investment banking suspension","author":"enterpriseam admin","date":"26 February 2019","format":false,"excerpt":"Beltone suspension lifted after it pays EGP 16 mn settlement: Beltone Financial\u2019s investment banking arm resumed operations yesterday after the company paid EGP 16 mn in a settlement with the Financial Regulatory Authority (FRA), the authority said in a statement (pdf). The FRA also cut to six months the period\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600298,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/","url_meta":{"origin":599691,"position":3},"title":"Beltone en route to lose appeal against Egypt\u2019s FRA","author":"enterpriseam admin","date":"27 January 2019","format":false,"excerpt":"Advisory body reportedly recommends court turn down Beltone\u2019s appeal of its suspension. The Administrative Court received yesterday a report from the Board of State Commissioners recommending it reject Beltone\u2019s appeal a suspension handed to the investment bank\u2019s IPO unit by the Financial Regulatory Authority, reports Al Shorouk. The report found\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621498,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/11\/few-investor-complaints-to-fra-says-beltones-el-sahrawy\/","url_meta":{"origin":599691,"position":4},"title":"\u201cFew\u201d investor complaints to FRA, says Beltone\u2019s El Sahrawy","author":"enterpriseam admin","date":"11 November 2018","format":false,"excerpt":"\u201cFew\u201d investor complaints to FRA were those who \u201clost\u201d on Sarwa IPO says Beltone\u2019s El Sahrawy: Beltone Financial Investment Banking head Sobhy El Sahrawy said he was unaware how many investors complained to the Financial Regulatory Authority (FRA) about alleged irregularities in the Sarwa Capital IPO, but said it was\u2026","rel":"","context":"In "Speed Round"","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":621551,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/12\/could-beltones-ipo-fiasco-scare-the-market-off\/","url_meta":{"origin":599691,"position":5},"title":"Could Beltone\u2019s IPO fiasco scare the market off?","author":"enterpriseam admin","date":"12 November 2018","format":false,"excerpt":"Industry to the FRA: Make clear why Beltone was suspended over the Sarwa IPO or everyone could suffer: The Financial Regulatory Authority needs to make clear why it suspended Beltone Financial\u2019s IPO unit or risk harming the market for capital raisings and for the state\u2019s own privatization program, says Ahmed\u2026","rel":"","context":"In "Speed Round"","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\/599691","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=599691"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599691\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599692"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599691"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599691"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}