Case of Businessman Ahmed Fouad Saied and his Long Conflict with Sawiris family
Ahmed Fouad Saied is one of the most famous businessmen in Europe. His wealth estimated at billions of dollars, who speculates such funds in international and global stock exchanges. In Egypt, the famous businessman conflicts with the biggest business family there, namely Sawiris Family, which appropriated the securities and shares owned by him in the existing partnership between them since 1997 where Ahmed Fouad Saied purchased shares of the Egyptian Cement Company, which is owned by Sawiris Family, and alleged their ownership of these shares and filed cases to claim the ownership of the same. However Saied obtained unappealable and final judgments, he was unable to implement these judgments due to the influence of Sawiris Family. Sawiris Family has also deprived him from shares profit for more than twenty years in which he tried to obtain them and subscribe to the capital increase shares of the company but to no avail. Even after the Egyptian Cement Company was sold to French Lafarge Co., Mr. Saied was unable to implement the judgments issued in his favor. Moreover the Supreme Administrative Court rejected the decision of the Financial Regulatory Authority to freeze the shares and return it to him. Despite the assignment of many of senior lawyers in Egypt, he could not get his rights back. But, in less than one year, after assigning the task of returning his rights from the Sawiris to Dr. Mohamed Hamoda with his legal experience and courage enabling him confronting the largest and most famous business family in Egypt, Dr. Hamoda obtained a court order with more than half EGP 1 billion in Mr. Saied’s favor against the Sawiris; notifying all banks working with the Sawiris to pay such amount after the disclosure of the confidentiality of accounts in addition to obtaining all shares of more than one million and three hundred thousand shares valued at billions of dollars. This came after Dr. Mohamed Hamoda was in a clash and a challenge with several agencies due to his insistence to return the whole rights of Mr. Saied from the Sawiris.