Orascom Empire: Samih Sawiris
Samih Onsi Sawiris (born in 1957) second of three sons of Onsi Sawiris. As of 2011 his net worth was estimated at $1.4 billion, making him the 879th richest person in the world.
Eng. Samih Sawiris is Chairman & CEO of Orascom Development Holding (ODH) (ODHN.CA), a newly established Swiss-incorporated company.
ODH made a tender offer to acquire 100% of Orascom Hotels and Development (OHD) and succeeded in being listed on the Swiss Stock Exchange as well as on the Cairo and Alexandria Stock Exchanges.
ODH develops, constructs and manages fully integrated touristic towns. Its flagship is El Gouna on the Red Sea, which was initiated in 1989 and holds 15 hotels, real estate property, numerous recreational, entertainment and water & land-sport facilities, shopping arcades, more than 10 kilometers of beaches, its own marina, an international school, a hotel school, a hospital and an airport.
El Gouna was awarded four “Green Globe 21” certificates, granted by the World Travel & Tourism Council for its respect of environmental principles and conformity with Agenda 21. ODH also runs Taba Heights, its second integrated town in Egypt located in Sinai, on the Gulf of Aqaba; Tala Bay Aqaba Resort in Jordan; and “The Cove” Resort, under construction in Ras Al Kheima on the Persian Gulf Coast of the United Arab Emirates. Other ODH tourism resorts under development are Sifah, Salalah, El Soda Island and City Complex on the Gulf of Oman in Muscat. Eng. Sawiris has been granted very rare permission by the Swiss government to develop a luxury resort in the alpine village of Andermatt. ODH is the first company in Swiss history to be granted exemptions from “Lex Koller” regulations, which relates to the restriction of non-residents to own land/real estate in Switzerland. Eng. Sawiris has also developed a low-income housing project in Egypt whose purpose is to offer affordable housing across Egypt. Eng. Sawiris is Board Member of the Guggenheim Museum. He is also the founder and member in Board of Trustees in Sawiris Foundation For Social Development.
Education and Life
Samih Sawiris received his Diploma in Economic Engineering from the Technical University of Berlin in 1980.
He founded National Marine Boat Factory, followed by Orascom Projects for Touristic Development in 1996 and Orascom Hotels and Development (OHD) in 1997; the latter two companies later merged to form Orascom Hotel Holdings. He has served as CEO and chairman of OHD since its incorporation. He established El Gouna Beverages Co. in 1997, and later sold it. He became a Montenegrin citizen in 2011.
In April 2012, Samih Sawiris has raised his stakes in Beltone Financial Holding’ (BTFH.CA) Beltone Capital to 12.8 % through SOS Holding, in a deal amounts to EGP 11.8 million (1.8 million shares at EGP 6.58 per share).
In 2011 he took a 12.5% stake in Swiss football club FC Luzern.
Orascom Development Holding
Samih Sawiris, executive chairman of Orascom Development Holding was sentenced to two years in prison for manipulating the firm’s stock price and providing incorrect financial data.
Orascom Development Holding said it believed the allegations against Mr Sawiris were “unfounded”.
Sawiris and Orascom convinced that they have acted in accordance with applicable laws and regulations and that the allegations included in the judgment are unfounded
Sawiris was served the two-year prison sentence on Aug. 27 because he is the company’s legal representative. The court also fined him EGP 50,000 (US$8,401) and said he must not trade in the stock market for a year.
Sawiris submitted a settlement request to the EFSA, in accordance with Article 16 of Law 2009/10, which allows the regulatory body to settle such claims.
The main allegation was that parent firm Orascom Development Holding AG misrepresented the percentage of its ownership in subsidiary OHD.
The allegation centered on a discrepancy between the 98.16 percent stake shown in company financial statements and the 96.14 percent legal ownership given in a shareholders register.
The difference was due to an earlier non-recognition by Egypt’s financial markets watchdog of a 2 percent ownership transfer which took place in December 2008, Orascom said.
EFSA had accepted a settlement whereby Samih Sawiris, chairman of Orascom Hotels and Development, will pay a compensation of LE 20 million to drop a jail sentence.
References
http://www.guardian.co.uk/media/2010/feb/02/sawiris-independent
References:
http://www.bbc.co.uk/news/business-14708038
http://english.ahram.org.eg/News/19880.aspx
