Qalaa Holdings pays $18.5m into court over commercial dispute with Arab investor

Daily News Egypt
2 Min Read

Qalaa Holdings, also known as Citadel Capital, has paid $18.5m into the Dokki Court, pending the final verdict in a commercial dispute between the company and businessman Ali bin Hassan Dayekh.

The Company explained that an absentee first-degree court ruling related to a commercial dispute was issued in June —a ruling that the Company was not notified of and was made without the presence of the Company or its representatives in court.

Qalaa Holdings said that it will take the necessary legal actions regarding the ruling and the proper measures against the steps taken by Ali Bin Hassan Dayekh in this dispute. 

The company added, in a statement, that any attempts to subject the name of Qalaa Holdings or its Chairperson and Founder, Ahmed Hassanein Heikal, to media scrutiny shall not deter the Company from taking the necessary legal steps to safeguard its rights and interests and those of its shareholders. 

Heikal was banned from traveling earlier, over accusations of deliberately issuing bank checks that were not cashable.

Meanwhile, the company incurred a net loss after deducting minority rights of approximately EGP 584.1m during the first quarter of 2022, due to recording losses in currency differences of approximately EGP 1.2bn due to the change in the exchange rate of the US dollar.

Recurring operating profits before taxes, interest, depreciation and amortization increased to EGP 3.9bn, compared to EGP 90.5m during the same period last year.

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