Egypt’s Juhayna Food Industries chairman Safwan Thabet was arrested on Monday pending an investigation, the company said on Wednesday.
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The reasons behind the arrest were unknown to the company, Egypt’s largest dairy products and juices producer, said in statement to the bourse, which earlier suspended its shares. Juhayna will hold an emergency board meeting but continue to operate normally, the firm added.
Two security sources told Reuters that Thabet had been arrested for alleged “financial irregularities”. A company representative and the interior ministry could not be immediately reached for comment.