The Egyptian security authorities have detained Saif Safwan Thabet, CEO of Juhayna Food Industries, today, Sunday, pending investigations.
According to Arabiya Net, the company stated in a statement to the Egyptian Stock Exchange that no information about the reasons for the reservation was received by the company.
The Egyptian security authorities arrested Safwan Thabet, the former chairman of Juhaina's board of directors, in early December, pending investigations.
This was followed by his resignation from the company in January and the appointment of his son Saif as CEO .
and the company’s statement today stated that Safwan’s fixed precautionary detention is pending investigations It concerns personal matters that the company has no involvement in.
In the meantime, Juhayna's stock plummeted 17% in the first minute of Day Trading
A judicial committee formed by the government issued a decision in 2015 to seize Safwan's money and property Thabet due to his alleged links to the Muslim Brotherhood, which is banned in Egypt.
