Egyptian tycoon Sawiris receives jail sentence

An Egyptian court has sentenced Samih Sawiris, head of the property and hotels firm Orascom Development, to two years in jail for manipulating the firm's stock price.

This content was published on August 29, 2011 - 08:13 and agencies

Sawiris, who is currently developing a major resort in Andermatt in central Switzerland, was also sentenced for providing incorrect data on the company’s finances.

In addition, the businessman was fined about $8,401 (SFr6,790) and denied the right to trade in the stock market for one year, Orascom Development Holding said in a statement on Monday, providing information on last Thursday’s court ruling.

Sawiris on Saturday paid about SFr2,700 in bail.

The company has appealed against the verdict, which it said was "not final, and its execution is not binding at this time".

Orascom Development said the general prosecutor had referred the case to the court without investigating the accusations against Sawiris with the company.

Swiss-listed Orascom Development has been diversifying its business, but Egypt remains its biggest market. Businesses there came to a near standstill for almost 50 days due to the uprising that ended the 30-year rule of President Hosni Mubarak.

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