29 Aug, 2011
Orascom Development’s Samih Sawiris handed prison sentence – Ahram Online
An Egyptian court sentenced the executive chairman of real estate and hotels firm Orascom Development to two years in jail for manipulating the firm’s stock price and providing incorrect data on its finances, a judicial source said.
Samih Sawiris was also fined 50,000 Egyptian pounds ($8,401) and denied the right to trade in the stock market for one year, the judicial source said, quoting the economic court’s initial ruling issued on Thursday.
The source said that Sawiris had the right to appeal against the verdict and could remain at liberty on payment of 20,000 pounds’ bail until a final ruling is issued.
via Orascom Development’s Samih Sawiris handed prison sentence – Economy – Business – Ahram Online.
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