CAIRO – 7 February 2021: Juhayna Food Industries announced Sunday that its CEO and Deputy of Directors Seifeldin Thabet was called for questioning and is now detained
This came due to the recent pending investigation against Juhayna’s ex-Chairman Safwan Thabet regarding personal accusations unrelated to the company.
The company noted in a filing to the egyptian Exchange (EGX) that it doesn’t have any further information regarding the detention/ investigation at that point.
The Chairman of the board of directors emphasized that the company is committed to all disclosure and transparency rules specified by the Financial Regulatory Authority (FRA).
In December, Egyptian authorities have held Safwan Thabet, CEO of the Juhayna Food Industries company, over joining and financing terrorism and he was detained for 15 days pending investigation
Thabet is accused of inciting violence, joining an outlawed group, financing a terrorist organization and other charges, including joining an outlawed group, calling for unauthorized protests, inciting violence and financing a terrorist group.
In case the he is convicted of financing terrorism; he will be added to terrorism lists and their assets will be seized.
On a related vein, a judicial committee set up by the Egyptian government issued a decision in August of 2015 to seize the money and property of the head of Juhayna, due to his alleged links to the Muslim Brotherhood, which is banned in Egypt.
The company achieved profits amounting to LE 383.74 million during the first nine months of 2020, compared to profits of LE 291 million in the comparative period in 2019, including minority rights.
The company's sales increased during January-September period to LE 5.78 billion, compared to sales of LE 5.72 billion in the comparative period of 2019.
Juhayna operates within the food, beverage and tobacco sector, focusing on packaged foods with six subsidiaries operating across Egypt.