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Ajwa Head to Appeal Egypt Financial Crime Convictions - ASHARQ AL-AWSAT English Archive
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CAIRO, (Reuters) – The chairman of Egypt’s Ajwa Food Industries said on Saturday he would appeal against his conviction for financial crimes.

An Egyptian court sentenced Ajwa Chairman Mohamed Bin Issa Jaber Al Jaber on Thursday after the Saudi national was tried in absentia for forging documents and other crimes. He was also fined 2 million Egyptian pounds ($344,500).

“I was totally surprised and dismayed to learn … of the Egyptian court’s trial and preliminary ruling against me, in absentia, in my capacity as chairman of Ajwa,” Jaber said in a statement issued by the firm, which supplies and distributes food and commodities.

“I strongly deny any wrongdoing in my capacity as chairman of the company, and I intend vigorously to appeal the Egyptian court’s ruling.”

The prosecution had accused Jaber of forging documents and using his position to announce false information to boost Ajwa’s shares to more than 90 pounds. The shares closed at 3.43 pounds on Thursday, down 1.4 percent on the day.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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