Egyptian authorities order Naeem Holding to take down 'misleading' billboard

Ahram Online , Sunday 7 May 2017

Egypt
The black billboard is an advertisement for an investment fund by Naeem Holding for Real Estate Investment (Photo: EFSA's official Facebeook page)

Egypt's Financial Supervisory Authority (EFSA) ordered on Sunday a real estate investment company to take down a billboard posted in Cairo for being "misleading."

The black billboard, which is posted above Cairo's main bridges with a large "26%" against a black backdrop, is an advertisement for an investment fund by Naeem Holding for Real Estate Investment.

The EFSA says that the billboard, which displays the logos of Banque Misr and Naeem Holding, is not a clear ad for the fund, and can be misinterpreted to mean that Banque Misr is offering a 26 percent interest rate on deposits.

Banque Misr has released a statement saying that it is not behind the billboard, and that its only role is to receive the private placement offering for Naeem's investment funds.

The EFSA is responsible for supervising and regulating non-banking financial markets, including the capital market, the stock exchange, and all activities related to insurance services, mortgage financing, and financial leasing. 

In recent months, Egypt's Consumer Protection Authority (CPA) has taken down billboards by several companies over messages it said were dishonest or insulting to state apparatuses.

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