{"id":605181,"date":"2018-12-24T04:34:13","date_gmt":"2018-12-24T04:34:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/"},"modified":"2018-12-24T04:34:13","modified_gmt":"2018-12-24T04:34:13","slug":"fra-rejects-beltones-appeal-of-its-six-month-suspension","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/","title":{"rendered":"FRA rejects Beltone\u2019s appeal of its six-month suspension"},"content":{"rendered":"<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <b>The Financial Regulatory Authority (FRA) rejected yesterday Beltone Financial\u2019s appeal of a six-month suspension handed to its investment banking arm<\/b> over alleged irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, <a href=\"https:\/\/www.almalnews.com\/Story\/404271\/11\/%D8%AA%D8%B8%D9%84%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A8%D9%84%D8%AA%D9%88%D9%86-%D8%A7%D8%B4%D8%AA%D8%B1%D8%AA-%D8%A3%D8%B3%D9%87%D9%85%D9%8B%D8%A7-%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%A1-%D8%AA%D8%AA%D8%AC%D8%A7%D9%88%D8%B2-%D9%82%D9%8A%D9%85%D8%A9-%D8%B7%D9%84%D8%A8%D8%A7%D8%AA%D9%87%D9%85\">Al Mal reports<\/a>. The FRA alleges that Beltone inflated subscription figures in the bookbuilding process and claims that the institutional offering was only covered once \u2014 not 10x oversubscribed as Beltone had announced at the time. The authority also alleges that Beltone failed to abide by a rule that bars the allocation of shares to investors who subscribe to 10% or more of the listing company\u2019s shares, <a href=\"https:\/\/almalnews.com\/Story\/404249\/11\/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D8%A7%D9%84%D8%AA%D8%B8%D9%84%D9%85%D8%A7%D8%AA--%D8%A8%D9%84%D8%AA%D9%88%D9%86--%D8%AA%D9%84%D9%82%D8%AA-%D8%A3%D9%88%D8%A7%D9%85%D8%B1-%D9%85%D9%86-%D8%B9%D9%85%D9%8A%D9%84%D9%8A%D9%86-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-%D8%AA%D8%AC%D8%A7%D9%88%D8%B2%D8%AA-%D8%A7%D9%84%D8%B7%D8%B1%D8%AD\">according to the newspaper<\/a>.<\/p>\n<p><b>Naguib Sawiris is \u201cdisappointed\u201d in the ruling<\/b> and in the FRA\u2019s \u201cfailure\u201d to address Beltone\u2019s defense against the allegations, he said in a statement. The suspension has only served to shake investors\u2019 confidence in the EGX and has called the authority\u2019s impartiality into question, Naguib said, adding that Beltone will continue to pursue legal action against the decision. Sawiris is the chairman of Orascom Investment Holding, which owns Beltone Financial. Sawiris also suggested the FRA action was motivated by personal animosity.<\/p>\n<p><b>Next move: <\/b>An administrative court will hear an appeal by Beltone on Saturday, 5 January.<\/p>\n<p><b>Background:<\/b> The FRA had imposed the suspension after Sarwa Capital\u2019s shares plunged 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 that the institutional offering was [&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":[812,933,72,76,78,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-605181","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-beltone-financial","tag-contact-financial","tag-enterpriseam","tag-financial-regulatory-authority","tag-ipo-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8fa07310-fe44-4576-9666-69da9ae49976","order":"0","is_powered_by":true,"section_story_id":"7c83ee35-3833-499c-805a-dfdd1ecbcc19","story_type":"1","photo_url":"","photo_position":"above","related_issue":[605171],"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>FRA rejects Beltone\u2019s appeal of its six-month suspension - 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\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA rejects Beltone\u2019s appeal of its six-month suspension\" \/>\n<meta property=\"og:description\" content=\"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 that the institutional offering was [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-24T04:34:13+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\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FRA rejects Beltone\u2019s appeal of its six-month suspension\",\"datePublished\":\"2018-12-24T04:34:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/\"},\"wordCount\":258,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Beltone Financial\",\"Contact Financial\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"IPO watch\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/\",\"name\":\"FRA rejects Beltone\u2019s appeal of its six-month suspension - 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The hearing was first scheduled to take place on 26\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":621498,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/11\/few-investor-complaints-to-fra-says-beltones-el-sahrawy\/","url_meta":{"origin":605181,"position":1},"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 &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":604675,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/10\/egypts-fra-to-hear-beltones-appeal-of-its-suspension-today\/","url_meta":{"origin":605181,"position":2},"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. The FRA had imposed the suspension following allegations of irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, whose shares plunged on the first\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":600298,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/","url_meta":{"origin":605181,"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 &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\/2\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","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":605181,"position":4},"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 &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\/2\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","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":605181,"position":5},"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 &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\/2\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605181","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=605181"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605181\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/605171"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=605181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=605181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=605181"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=605181"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=605181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}