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The company said in a statement to the Egyptian Stock Exchange that its president had been detained pending investigations and had no additional information.
The company confirmed that the arrest of its chairman of the board will not affect it or its daily operations.
Reuters reported that Egyptian businessman Safwan Thabet has been detained pending investigations, the content or details of which have not been disclosed.
The Egyptian Stock Exchange suspended the trading of Juhayna shares on the market before receiving a statement on the formation of the board of directors.
The Juhayna board of directors’ decision comes today after two security sources told Reuters on Wednesday that Safwan Thabet, chairman of the Juhayna board of directors, had been arrested at his home on charges of financial misconduct.
Saif Al-Din Safwan Thabet is the Vice Chairman of the Board of Directors and the Managing Director and has all the powers and competencies necessary to direct the business of the company.
The Egyptian businessman is reported to be related to Hassan Al-Hudhaibi, the former general guide of the Muslim Brotherhood, who Egypt classifies as a terrorist group.
A judicial committee created by the Egyptian government issued a decision in August 2015 to seize the funds and property of the Juhayna chief due to his alleged ties to the Brotherhood.
The businessman presented a series of legal appeals to lift the ban on the funds, but they were rejected.
Juhayna was founded in 1983, and is a food company that produces milk, yogurt and juices and exports its production to markets in the Middle East, America and European countries.
The company’s value on the stock exchange is approximately 7 billion Egyptian pounds ($ 450 million).
