21 Hrs
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بوابة الفجر
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Financial Authority revokes Global CEO license
The General Authority for Financial Control has suspended the consumer financing activity of Global Corp and revoked the license of its CEO, Basel Mohamed Abdel Hamid El Toukhi, due to a violation involving the registration of financing valued at 321 million Egyptian pounds in the names of school guardians without their knowledge. As part of the measures taken, dealings in school fee financing products have been halted, and new financings have been prohibited. The decision aligns with the Authority's efforts to protect customer rights and promote transparency. It is based on regulations governing non-banking financing activities and anti-money laundering rules, and aims to rectify the violations and address their impact on those affected.
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