JD Supra Egypt

Publisher:: JD Supra
Publication date:: 2019-04-29

Publisher

JD Supra (22)

Law Firm

Latest documents

Egyptian Cabinet Approves Its First Pre-Merger Notification Regime
Egypt is getting closer to adopting a new merger control regime that would transform the system from a post-closing to a pre-closing filing regime. The Egyptian Council of Ministers has approved a draft proposal to amend Egypt's antitrust legislation accordingly. If enacted, the amendments would likely have significant implications for transactions involving parties with business in Egypt.
Egypt Launches Cartel Amnesty Guidelines
The Egyptian Competition Authority recently published the first Egyptian guidelines on the process for obtaining amnesty or leniency from criminal prosecution for antitrust cartel violations, signaling the agency's intent to activate this tool in future enforcement activities. The guidelines explain the incentives offered to whistleblowers to report suspected violations, including full amnesty for the first witness to come forward. However, the guidelines leave the door open for some potential risk of criminal liability and follow-on private damages, which counsels prudence.
COVID-19: Egyptian Government Financial Assistance Measures
The Egyptian government has taken a number of fiscal measures to contain the economic shock and disruption caused by the COVID-19 outbreak (the “Outbreak”). As part of these measures, the Central Bank of Egypt (“CBE”) has directed banks to: (i) relax credit limits for companies; (ii) reduce the corridor lending interest rates by 300 basis points; and (iii) place a moratorium on repayments of principal and interest under existing credit facilities for a period of six (6) months.
Egypt Pursues Innovative Alternatives to Merger Control
Recent merger enforcement activities by the Egyptian Competition Authority ("ECA") raise warning signs for businesses operating in Egypt. The ECA has been turning to allegations of anticompetitive conduct to intervene in transactions it deems to have a potentially harmful local effect, even when a deal is exempt from merger notification. Companies involved in transactions with any potential bearing on Egypt should consider carefully the competitive implications and prepare an appropriate regulatory strategy.
African M&A dips slightly in 2018 but some regions are bucking the trend, While dealmaking value was marginally down year on year, a number of countries are making comebacks
M&A in Africa totaled US$21.1 billion in 2018, a slight drop compared to the US$22 billion recorded in 2017. Deal volume, however, fell more precipitously from 272 in 2017 to 206 in 2018.
Meritas Guide: To Defective Products Litigation in EMEA - Egypt
1. What claims may be brought for liability for defective products? Is liability based on fault/ negligence, or strict liability, or both? Consumers may bring claims for liability for defective products and tortious liability in Egypt under Commercial Code No. 17 of 1999 (“Commercial Code”), Civil Code No. 131 of 1948 (“Civil Code”) and the Consumers’ Protection Law No. 67 of 2006 (“CPL”). The Commercial Code recognise the notion of product liability of both manufacturers and sellers/ distributors. Any person suffering from direct material or physical damage resulting from a defective product, has the right to claim damages by filing a product liability claim against the manufacturer, distributor or both severally.... Please see full Chapter below for more information.
Egypt's Competition Authority Seeks Active Merger Control
Egyptian Competition Authority ("ECA") is pursuing a more active role in merger control, which could have implications for multinational businesses contemplating transactions with a competitive effect in Egypt. Although currently post-merger notification is required for certain transactions, compliance with and enforcement of this process have been inconsistent since the launch of Egypt's merger control regime more than ten years ago. Recent enforcement trends, however, including against foreign-to-foreign transactions, indicate that the ECA's new leadership may be planning to change that.
Egypt Considers Premerger Notification
Egypt is considering a premerger notification law that may subject global transactions to reporting requirements in Egypt. Egypt joins other jurisdictions in the region that have adopted merger control regimes, including the Common Market for Eastern and Southern Africa (COMESA), Israel, Morocco, Mozambique, Nigeria, Saudi Arabia, South Africa, and the United Arab Emirates.
AFRICA - A Legal Guide for Business Investment and Expansion: Egypt
1 .What role does the government of Egypt play in approving and regulating foreign direct investment? Egypt has traditionally been a leader in the Arab world in the political, cultural, and economic spheres. Due to recent positive developments in its internal and external policies, Egypt has regained its role as one of the major contributors to security, stability and development in the Middle East region. In the economic sphere, this will be reflected in a greater and more expansive role of Egypt as a business centre for many multi-nationals and other companies operating in the Middle East. Please see full Chapter below for more information.
Africa Update - November 2015 #3
Leading the News - Egypt: On November 12th, officials at the U.S. National Transportation Safety Board (NTSB) and the Federal Bureau of Investigation (FBI) noted while they had offered assistance to both Egyptian and Russian investigators looking into the crash of a Russian passenger jet in the Sinai Peninsula, neither had been invited to formally join the investigations. The NTSB is normally asked to participate in investigations of foreign air accidents and the FBI is often invited to join cases where terrorism is a possible cause. On November 13th, Rosaviatsia, the Russian aviation agency, banned flights by Egypt’s state owned airline Egypt Air from arriving in Russia as investigations into the crash of a Russian passenger jet in the Sinai Peninsula continued. The policy went into effect on November 14th. Please see full Update below for more information.