CAIRO: An Egyptian court fined Ajwa Food Industries Chairman Mohamed Bin Issa Jaber Al Jaber LE 20 million ($3.4 million) on Thursday for forging documents and other financial crimes.
The Saudi national was tried in his absence last December on charges of forging the records of a general shareholder assembly in November 2009 and was sentenced to two years in prison and a LE 2 million fine.
Jaber appealed the conviction and will now have to pay a LE 20 million fine instead of serving the prison sentence.
The prosecution had accused Jaber of forging documents and spreading false information to boost Ajwa’s share price.
The firm’s shares were trading at LE 3.42, down 0.3 percent, at 1025 GMT, while the benchmark index was trading 1.4 percent higher.
