Qalaa Holdings announced that the company’s Chairman, Ahmed Heikal, has settled a lawsuit filed against him related to a dispute over a $4 million check.
In June, Heikal was informed that his name appeared on the travel ban list as he was embarking on a business trip to attend a board meeting of a subsidiary company in Sudan.
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The company’s legal department investigated the matter and found that it was a result of an absentee first-degree court ruling related to a commercial dispute pertaining to a $4 million check.
In a separate disclosure on Thursday, the company said that the semi-annual financial statements are currently being prepared and reviewed. They are expected to be submitted in Septembe
