{"id":600298,"date":"2019-01-27T04:21:50","date_gmt":"2019-01-27T04:21:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/"},"modified":"2019-01-27T04:21:50","modified_gmt":"2019-01-27T04:21:50","slug":"beltone-en-route-to-lose-appeal-against-egypts-fra","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/","title":{"rendered":"Beltone en route to lose appeal against Egypt\u2019s FRA"},"content":{"rendered":"

<\/a> Advisory body reportedly recommends court turn down Beltone\u2019s appeal of its suspension. <\/b>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<\/a>. The report found that while Beltone\u2019s lawyers correctly followed legal procedure in filing the appeal, the appeal itself is groundless. We had reported earlier this month<\/a> that the court referred the appeal to the board of commissioners following the most recent hearing; yesterday was the deadline for the report.<\/p>\n

Is Beltone looking for a settlement? <\/b>Both Al Masry Al Youm<\/a> and Youm7<\/a> claim Beltone\u2019s legal counsel had said the investment bank is pushing for a final settlement and will drop its appeal. Al Shorouk, however, cites sources close to the matter as saying the reports were not true.<\/p>\n

Losing the appeal could pave the way for the FRA to bring a criminal case against Beltone executives<\/b>, an unnamed government source told Al Shorouk. This comes after it emerged earlier this month<\/a> the authority is lining up criminal charges against the company and had asked prosecutors specializing in financial crime to take on the case.<\/p>\n

Background:<\/b> The FRA suspended late last year<\/a> Beltone\u2019s investment banking IPO unit for six months over alleged \u201cirregularities<\/a>\u201d in its management of Sarwa Capital\u2019s IPO, which saw the structured- and consumer-finance player\u2019s shares nosedive by 11% on their EGX debut. The authority also ordered Beltone\u2019s brokerage arm to raise its insurance cover to EGP 50 mn and maintain it at that level for a year. The company denied the allegations<\/a> and has pursued legal action<\/a> against the FRA\u2019s decisions. Its plea to the FRA\u2019s appeals committee<\/a> has been turned down.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 that while Beltone\u2019s lawyers correctly […]<\/p>\n","protected":false},"author":1,"featured_media":600299,"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":[812,72,7087,76,78,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-beltone-financial","tag-enterpriseam","tag-finance","tag-financial-regulatory-authority","tag-ipo-watch","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"48eaf48b-0345-4c3b-b654-2a45a6655a31","is_powered_by":true,"section_story_id":"6a03f35b-57fb-46bb-bee1-f870adca389a","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/290.jpg","photo_position":"above","related_issue":[600290],"teaser":"","voice_url":""},"yoast_head":"\nBeltone en route to lose appeal against Egypt\u2019s FRA - 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\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beltone en route to lose appeal against Egypt\u2019s FRA\" \/>\n<meta property=\"og:description\" content=\"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 that while Beltone\u2019s lawyers correctly […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-27T04:21:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/290.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Beltone en route to lose appeal against Egypt\u2019s FRA\",\"datePublished\":\"2019-01-27T04:21:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/\"},\"wordCount\":310,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/290.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Beltone Financial\",\"EnterpriseAM\",\"Finance\",\"Financial Regulatory Authority\",\"IPO watch\",\"regulation\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/\",\"name\":\"Beltone en route to lose appeal against Egypt\u2019s FRA - 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The FRA had\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":600358,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/28\/beltone-financial-says-it-wants-to-settle-with-the-fra\/","url_meta":{"origin":600298,"position":1},"title":"Beltone Financial says it wants to settle with the FRA","author":"enterpriseam admin","date":"28 January 2019","format":false,"excerpt":"Beltone confirms it wants to settle with the FRA: Beltone Financial has filed open talks with the Financial Regulatory Authority (FRA) and will drop its case against the regulator as it seeks a way out of its current impasse, the investment banksaid in a bourse filing (pdf). 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":604726,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/egypts-fra-postpones-beltone-appeal-hearing-again\/","url_meta":{"origin":600298,"position":2},"title":"Egypt\u2019s FRA postpones Beltone appeal hearing again","author":"enterpriseam admin","date":"11 December 2018","format":false,"excerpt":"FRA postpones hearing on Beltone appeal to 17 December: The Financial Regulatory Authority has postponed to Monday, 17 December is hearing on Beltone Financial\u2019s appeal hearing of a six-month suspension handed to its investment banking arm, according to Al Mal. The hearing was first scheduled to take place on 26\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":605181,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/","url_meta":{"origin":600298,"position":3},"title":"FRA rejects Beltone\u2019s appeal of its six-month suspension","author":"enterpriseam admin","date":"24 December 2018","format":false,"excerpt":"The Financial Regulatory Authority (FRA) rejected yesterday Beltone Financial\u2019s appeal of a six-month suspension handed to its investment banking arm over alleged irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, Al Mal reports. The FRA alleges that Beltone inflated subscription figures in the bookbuilding process and claims\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":599636,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/06\/court-refers-beltone-cases-against-fra-to-expert-committee\/","url_meta":{"origin":600298,"position":4},"title":"Court refers Beltone cases against FRA to expert committee","author":"enterpriseam admin","date":"6 January 2019","format":false,"excerpt":"Administrative Court refers Beltone appeal against FRA decision to Board of Commissioners: An administrative court has referred Beltone Financial\u2019s cases against the Financial Regulatory Authority (FRA) to its Board of Commissioners and set 26 January as deadline to receive legal advice, Matouk Bassiouny\u2019s head of litigation, Osman Mowafy, told Al\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":604675,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/10\/egypts-fra-to-hear-beltones-appeal-of-its-suspension-today\/","url_meta":{"origin":600298,"position":5},"title":"Egypt\u2019s FRA to hear Beltone\u2019s appeal of its suspension today","author":"enterpriseam admin","date":"10 December 2018","format":false,"excerpt":"The Financial Regulatory Authority will hear today an appeal today by Beltone Financial of a six-month suspension handed to the firm\u2019s investment banking arm. 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