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.
