{"id":630954,"date":"2018-03-06T04:15:21","date_gmt":"2018-03-06T04:15:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/"},"modified":"2018-03-06T04:15:21","modified_gmt":"2018-03-06T04:15:21","slug":"ibnsina-confident-antitrust-fine-will-be-overturned","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/","title":{"rendered":"Ibnsina confident antitrust fine will be overturned"},"content":{"rendered":"

<\/a> Ibnsina Pharma\u2019s sales practices did not break competition rules<\/strong>, the company\u2019s Co-CEO Omar Abdel Gawad told Bloomberg<\/a>. His comments followed<\/a> the Cairo Court of Appeals agreeing to hear Ibnsina\u2019s appeal on a ruling that fined the company, alongside three other pharma manufacturers, a combined EGP 5.6 bn for alleged antitrust violations. \u201cThe opinion of the lawyers we consulted is that our position is very strong and this is why we haven\u2019t sought a reconciliation,\u201d Abdel Gawad explained, adding that the company is confident the fine will be overturned. On the other hand, Head of the Egyptian Competition Authority, Mona El Garf, said, \u201cWe are 100 percent sure that there is a violation and we see this ruling as fair and necessary to deter pharmaceutical companies attempting to breach the law.\u201d<\/p>\n

CLARIFICATION-<\/strong> On a related note, sources had told us that Cairo Poultry was not among the 12 poultry companies indicted by the Prosecutor General and sentenced by the Economic Court in an antitrust case. Al Borsa had named the company as part of the Egyptian Competition Authority\u2019s investigation into the case back in August 2017<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ibnsina Pharma\u2019s sales practices did not break competition rules, the company\u2019s Co-CEO Omar Abdel Gawad told Bloomberg. His comments followed the Cairo Court of Appeals agreeing to hear Ibnsina\u2019s appeal on a ruling that fined the company, alongside three other pharma manufacturers, a combined EGP 5.6 bn for alleged antitrust violations. \u201cThe opinion of the […]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-630954","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8974a475-4aa5-4973-b94b-6a192084575d","order":"0","is_powered_by":true,"section_story_id":"671268d0-8d1e-47d7-ab91-439d9ff35cc6","story_type":"1","photo_url":"","photo_position":"above","related_issue":[630944],"teaser":"","voice_url":""},"yoast_head":"\nIbnsina confident antitrust fine will be overturned - 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\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ibnsina confident antitrust fine will be overturned\" \/>\n<meta property=\"og:description\" content=\"Ibnsina Pharma\u2019s sales practices did not break competition rules, the company\u2019s Co-CEO Omar Abdel Gawad told Bloomberg. His comments followed the Cairo Court of Appeals agreeing to hear Ibnsina\u2019s appeal on a ruling that fined the company, alongside three other pharma manufacturers, a combined EGP 5.6 bn for alleged antitrust violations. \u201cThe opinion of the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-06T04:15:21+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\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Ibnsina confident antitrust fine will be overturned\",\"datePublished\":\"2018-03-06T04:15:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/\"},\"wordCount\":193,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/ibnsina-confident-antitrust-fine-will-be-overturned\/\",\"name\":\"Ibnsina confident antitrust fine will be overturned - 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That\u2019s the take-home message from the EGX-listed pharma distributor after news reports yesterday reporting that a senior manager of Ibnsina Pharma had been detained in connection with an ongoing antitrust case before the Cairo Economic\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":621556,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/12\/egypts-ibnsina-pharma-sarwa-capital-report-results\/","url_meta":{"origin":630954,"position":1},"title":"Egypt\u2019s Ibnsina Pharma, Sarwa Capital report results","author":"enterpriseam admin","date":"12 November 2018","format":false,"excerpt":"EARNINGS WATCH- Ibnsina Pharma reported a 26.6% y-o-y increase in net profit to EGP 113.2 mn in 3Q2018, according to the company\u2019s earnings release (pdf). Revenues grew 31.9% y-o-y during the quarter, coming in at nearly EGP 3.5 bn, with growth being driven by client pharmacies, the company said. \u201cManagement\u2019s\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":601143,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/cairo-court-reduces-antitrust-fine-against-ibnsina-pharma-execs\/","url_meta":{"origin":630954,"position":2},"title":"Cairo court reduces antitrust fine against Ibnsina Pharma execs","author":"enterpriseam admin","date":"20 February 2019","format":false,"excerpt":"DISPUTE WATCH- Cairo court slashes antitrust fine against Ibnsina Pharma execs: The Cairo Appeals Court issued a ruling yesterday reducing an antitrust fine imposed on executives from Ibnsina Pharma to EGP 160 mn, down from an original EGP 2.04 bn fine handed down by the Cairo Economic Court, a source\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":631605,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/22\/ibnsina-pharma-targets-26-market-share-by-investing-egp-150-200-mn-in-five-years\/","url_meta":{"origin":630954,"position":3},"title":"Ibnsina Pharma targets 26% market share by investing EGP 150-200 mn in five years","author":"enterpriseam admin","date":"22 March 2018","format":false,"excerpt":"INVESTMENT WATCH- Ibnsina Pharma is looking to invest EGP 150-200 mn over the next five years to increase its market share to 26% from a current 19.3%, Managing Director Omar Abdel Gawad tells Al Mal. 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