By Ahmed Amer
Karim El-Naggar, the businessman dismissed from his position as Chairman of the Egyptian Automotive & Trading Co. (ETA) said that the company continues to work at full capacity in the Egyptian market.
El-Naggar added that the company, Volkswagen and Audi’s agent in Egypt, continues to provide Volkswagen and Audi customers with all sales, repair and after-sales services.
The businessman emphasised his complete respect for the judicial decisions against him, but added that he had appealed the decision to dismiss him from his position.
El-Naggar revealed that the company’s board agreed to temporarily appoint Miral El-Naggar, his sister and member of the board, as chairman, until the company’s General Assembly meets to select the chairman.
The General Authority for Investment and Free Zones (GAFI) has confirmed the decision to dismiss Karim El-Naggar from the chairmanship on 29 April upon request of the ETA’s General Assembly. The company had presented the dismissal on the grounds that El-Naggar’s had committed financial and administrative offences by selling a share of the company’s capital without the knowledge of the Kettaneh family, owners of most of the company’s capital, while El-Naggar only owned approximately 15%.
The Kettaneh family made the decision of dismissing El-Naggar from his seat as chairman to GAFI after proving that El-Naggar committed financial offences.