Qalaa Holdings chairperson sentenced to prison in absentia over $18m cheque dispute

Daily News Egypt
1 Min Read

Chairperson of Egypt’s Qalaa Holdings, one of the country’s leading investment companies has been sentenced to 3 years in prison and was banned from travel on Saturday, owing to an in absentia court ruling over a dispute relating to a $18m cheque.

The Dokki District Court handed down a 3-year sentence on Chairperson of Qalaa Holdings Ahmed Heikal, and Hisham Hussein, and a fine of EGP 10,000, accusing them of issuing unbalanced checks for $18m.

“The court ruling was in absentia and of the first degree related to a commercial dispute pertaining to a $18 million cheque,” the company said in a statement without disclosing further details.

The company did not respond immediately to requests for comment, but the company’s statement said it planned to contest the court ruling.

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