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Tuesday, 23 April 2019

Egypt fines Ajwa chairman $3.4 million

Saudi national Jaber convicted of forging documents for the purpose of boosting Ajwa’s share price

Reuters, Thursday 26 May 2011
Mohamed Bin Issa Al Jaber
Views: 3018
Views: 3018

An Egyptian court fined Ajwa Food Industries Chairman Mohamed Bin Issa Jaber Al Jaber LE20 million ($3.4 million) on Thursday for forging documents and other financial crimes.

The Saudi national was tried in his absence last December on charges of forging the records of a general shareholder assembly in November 2009 and was sentenced to two years in prison and a LE2 million fine.

Jaber appealed the conviction and will now have to pay a LE20 million fine instead of serving the prison sentence.

The prosecution had accused Jaber of forging documents and spreading false information to boost Ajwa's share price.

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