Al-Masry Al-Youm has acquired new details regarding the about the future of the Falcon Security Company following the Public Prosecutor’s decision to freeze the assets of the company’s chairman, Sabry Nakhnoukh.
The Falcon Security Company is one of the largest private security companies in Egypt, operating in securing government and private facilities, shopping malls, universities, and major events.
Informed sources told Al-Masry Al-Youm that the company’s ownership structure has undergone significant changes in recent years, culminating in Nakhnoukh controlling approximately 65 percent of the company’s shares.
The sources indicated that Nakhnoukh acquired the Commercial International Bank’s 40 percent stake, in addition to purchasing businessman Sherif Khaled’s 25 percent stake, while the remaining 35 percent of shares are distributed among several entities and small shareholders.
According to the sources, the company employs approximately 7,000 people across various operational and administrative sectors, and they anticipate that the coming period will see organizational measures implemented to ensure business continues.
The sources also indicated that some within the company are discussing the possibility of appointing a committee or entity to manage the company temporarily should official decisions be issued in this regard.
Corporate shakeup
The company’s board of directors includes several close associates and family members of the chairman, among them Khaled al-Rafei, who serves as vice chairman, along with John Saeed Nakhnoukh, Helmy Badr Nakhnoukh, and Romani Badr Nakhnoukh – all relatives of Sabry Nakhnoukh.
Furthermore Nakhnoukh’s wife wields significant influence over various matters and sectors within the company, albeit unofficially, and has notably impacted certain administrative and operational decisions.
The Public Prosecution ordered the seizure of funds, real estate, bank deposits, and electronic wallets belonging to Nakhnoukh and others, including movable assets, stocks, bonds, securities, safe deposit boxes, and prohibited them from disposing of these assets until the case is resolved.
The Public Prosecution indicated that the decision was based on findings from parallel financial investigations and inquiries by investigative authorities, which revealed that Nakhnoukh and others resorted to laundering the proceeds of their criminal activity through various methods aimed at concealing their nature and severing their connection to their illicit source.
Edited translation from Al-Masry Al-Youm
