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Financial Supervision suspends Al-Ahly Kuwaiti Investment Company for 30 days



Dr. Muhammad Omran, Chairman of the Board of Directors of the Financial Supervisory Authority, issued Decision No. 588 of 2021, which includes in its first article the suspension of the Al-Ahli Kuwaiti Egypt Investment Company - VC activity, from practicing its licensed activity for a period of 30 days, pursuant to the provision of Article (30) of The Capital Market Law promulgated by Law No. 95 of 1992, due to its failure to remove the violations attributed to it.

 

The Financial Supervisory Authority has decided to suspend the decision to suspend the activity of Al Ahli Kuwaiti Egypt Investment Company for a period of 30 days, starting from April 15 until next May 14.

 

The Financial Supervisory Authority had announced its success in completing the study and examination of 92% of the complaints received from the unified government complaints system in the Council of Ministers, with a total of 1915 complaints, despite the doubling of the number of complaints directed at the authority 13 times during the year 2020 compared to 142 complaints During the year 2019, the most prominent complaints related to the delay in repayment of loans granted by companies and associations, and the authority had a prominent role in alleviating the burden of borrowers in coordination with donors, in addition to disbursing compensation from the government fund to insure against rapid vehicle accidents.

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