Real estate and hotel developer Orascom Development Holding says it is appealing its executive chairman's conviction on charges of violating Egypt's Capital Market laws.
The company said Monday an appeal was filed after Samih Sawiris was convicted and sentenced to two years in prison for what authorities claimed was manipulating Orascom's stock price and providing misleading information on the firm's finances.
The ruling was issued Thursday against Orascom subsidiary Orascom Hotels & Development and Sawiris, in his capacity as the parent firm's legal representative.
Orascom Development Holding said the main claims are "unfounded" and that the filing of the appeal has led to the "suspension of the sanctions and settlement negotiations have been initiated."
