The company said, in a disclosure to the Egyptian Exchange
on Wednesday, that the right of reply is reserved for the concerned banks.
Beltone affirmed its strong financial position and full compliance with all
applicable laws, regulations, and supervisory frameworks.
The Egyptian Exchange decided to resume trading on the
company’s stock.
Al Sharq Bloomberg reported, citing informed sources, that
the Central Bank of Egypt imposed a fine of EGP 1 billion (USD 21 million) on
FAB Misr. The decision was related to credit facilities granted to Beltone
Holding, a subsidiary of the UAE’s Chimera Group. The facilities were allegedly
used for purposes other than those originally approved.
The Central Bank also decided to dismiss the head of credit
risk at the bank’s Egypt unit. The fine is considered the largest in the
history of the Egyptian banking sector.
The violations reportedly included other banks such as
National Bank of Kuwait Egypt, which faced a fine of around EGP 170 million.