Shalakany is pleased to announce that it successfully defended its clients, the chairperson and foreign corporate board members of an Egyptian automotive manufacturing company (a subsidiary of a multinational corporation), in relation to a compensation claim brought forward by minority shareholders for alleged breaches by the clients of their fiduciary duties.

 

The case was filed before the Economic Court back in July 2020 by minority shareholders against the chairperson of the board, as well as various other corporate board members. Shalakany managed to secure a favorable decision from court in August 2022 rejecting the compensation claim on its merits.

 

The Shalakany team handling this matter is comprised of Muhammad Ussama (Partner), Mohamed El Zohery (Associate), and Farida Wagdy (Associate).

 

Muhammad Ussama (Partner) said: “This is an important win that we cherish. We have, in this case, represented various individuals as well as corporate members of the company’s board of directors. And, like any case where our firm represents more than one party, it was very important for us to develop and adopt an all-encompassing, consistent strategy that adequately addresses both general and specific arguments and grounds of defence.”