Egypt’s Qalaa says chairman Ahmed Heikal settles $4 million cheque lawsuit

By Amwal Al Ghad English On Aug 19, 2021

Ahmed Heikal Qalaa Holdings — Qalaa Holdings Chairman Ahmed Heikal at Qalaa's section at the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015. (Photo Credit: REUTERS/Amr Abdallah Dalsh)

Egypt’s Qalaa Holdings said on Thursday its chairman Ahmed Heikal has settled a lawsuit filed against him due to a $4 million cheque dispute.

On June 14, Ahmed Hassanein Heikal, a high-profile figure in the Egyptian business community, was turned away at the airport in Cairo after he was placed on a no-fly list. Heikal planed at the time to board a private jet headed to the Sudanese capital of Khartoum for a meeting with the board of a subsidiary.

“The legal department investigated this matter today and found that it was a result of an absentee first-degree court ruling related to a commercial dispute pertaining to a $4 million cheque,” Qalaa explained in a June 14 filling without disclosing further detail.