Earlier, Administrative Court overturned FRA’s decision to ban Acumen from buying Egypt Gas shares. The court is also ordering the FRA to pay EGP 30,000 to Acumen as compensation.
Acumen Holding has set up a lawsuit no. 279/2019 against the chairperson of the Financial Regulatory Authority (FRA) Mohamed Omran.
The company demanded a compensation of EGP 20m for damages suffered as a result of the defamation of the company’s reputation within the stock market.
The company’s lawsuit against the FRA is based on the authority’s prior accusation to Acumen Holding of manipulation, which is one of the serious accusations that undermine the confidence in the companies attributed to the accusation and lead to the loss of credibility to customers, especially as the company does not deal only with natural persons, but deal with financial institutions, banks and investment funds. Furthermore, any abuse the company has substantial physical and moral damage.