February 16, 2021

EGYPT: CEO Of Egypt's Largest Dairy Products And Juices Producer Arrested In Connection To Pending Investigation Into His Father's Ties To Muslim Brotherhood Terrorism Financing.

Reuters News
reporting by Ehab Farouk, Patrick Werr and Ahmed Mohamed Hassan
writing by Aidan Lewis; Editing by Hugh Lawson and Elaine Hardcastle
Sunday February 7, 2021

CAIRO - Shares in Egypt’s Juhayna Food Industries dropped sharply in early trading on Sunday after the company said a second top official had been called for questioning and detained.

The company, Egypt’s largest dairy products and juices producer, confirmed the detention of CEO and deputy chairman Seifeldin Thabet in a disclosure to Egypt’s bourse regarding a pending investigation into his father, ex-chairman Safwan Thabet, who was arrested in December.

“The company has no further information regarding the detention/investigation to disclose at this point,” Juhayna said.

It said the investigation against Safwan Thabet regarded “personal accusations unrelated to the company”.

Thabet’s lawyer was not immediately available. A spokesperson for Juhayna said the company had no further comment.

Juhayna’s shares tumbled 17% as trading opened on Sunday and were 10.55% down when the stock exchange closed at 1200 GMT.

Two security sources and a judicial source said Seifeldin Thabet was detained late on Saturday as part of investigations into alleged financing of terrorist groups.

In 2015 a judicial committee established by the government issued a decision ordering the seizure of Safwan Thabet’s assets due to alleged links to the Muslim Brotherhood, which is banned and listed as a terrorist organisation in Egypt.

Security sources told Reuters in December that Juhayna’s chairman was detained for alleged “financial irregularities”. The Interior Ministry has not commented.

After Safwan Thabet’s arrest, Juhayna appointed his son, Seifeldin, as acting chairman. It later appointed Mohamed el-Dogheim as chairman.
Egypt Today
written by Staff
Saturday February 6, 2021

CAIRO – The investigation authorities ordered detaining son of famous businessman Safwan Thabet, Seif, for 15 days pending investigation, on accusations of funding terrorist entities.

Seif Thabet is accused of making an agreement with leaders of the outlawed Muslim Brotherhood group to hold meetings, where they agreed on putting alternative plans to maintain financing.

The new plan aims at harming the state’s national economy, through smuggling foreign coins from the country to abroad and working on destabilizing the dollar exchange rate.

Safwan Thabet, the father, CEO of the Juhayna Food Industries company, has been also detained since December last year.

Charges Safwan Thabet is facing similar charges, including joining an outlawed group, calling for unauthorized protests, inciting violence and financing a terrorist group.

In December, authorities also arrested and detained Sayed Sowerky, owner of the giant retail chain El-Tawheed wel Nour.

Sowerky is accused of inciting violence, joining an outlawed group, financing a terrorist organization and other charges.

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