EFG-Hermes Holds An Urgent Meeting Discussing Its Legal Position

Egyptian investment bank EFG-Hermes Holding (HRHO.CA) has affirmed that the legal position of the Company and its subsidiaries is sound in regard to the acquisition of Al Watany Bank of Egypt (AWB). Hermes also defend its two chief executives and employees against what was announced about referring its two chief executives and others to trial on charges of acquiring a controlling stake (about 75 million shares) in AWB by National Bank of Kuwait.

The Board of Directors held an urgent meeting in which foreign legal consultants affirmed that the firm and its employees have a sound legal position. “The firm also confirms in this context that its two Chief Executive Officers have no personal dealings, interests or benefits in any transactions related to the trading on Al-Watany Bank of Egypt’s shares,” EFG said in a statement.

The Board of Directors affirmed on its compliance with market regulations and corporate governance rules. The firm said it is confident in the integrity and efficiency of its chiefs executives in managing the Group.

It is worth mentioning that the public prosecutor referred  Ayman Fathy Hussein Soliman, Ahmed Fathy Hussein Soliman, Yasser Soliman El-Mallawany, Ahmed Naeem Ahmed Badr, Hassan Mohamed Hassanein Heikal, Gamal Mubarak, Alaa Mubarak (sons of ousted president Hosni Mubarak), Amr Mohamed El Qady and Hussein Lotfy El Sherbiny to Cairo Criminal Court on charges of market manipulation by acquiring AWB and making unlawful profits of EGP 2,051,028,648.