EGYPT Law and Practice Contributed by: Alex Saleh, Asad Ahmad, Hegui Taha and Farida Koura, GLA & Company
• A scanned copy of the articles of association (including all amendments) for each con - cerned person, excluding their related parties or their equivalent in the country of origin of the concerned person. • A scanned copy of the audited consolidated financial statements or the audited individual financial statements if consolidated state - ments are not available, for the last year for the person(s) controlling the concerned per - sons, along with the supplementary explana - tions, including the auditor’s report. • A scanned copy of the annual report of each of the concerned persons, excluding their related parties. • A scanned copy of the letter of intent, memo - randum of understanding, sale/purchase agreement, purchase offer, due diligence report, shareholders’ agreement or any other agreements that confer the person “control” or ”material influence”. • A scanned copy of the minutes of the board of directors and general assembly (ordinary/ extraordinary) meetings approved and related to the “economic concentration” for each of the concerned persons. • A scanned copy of the available permits and approvals obtained for the “economic con - centration”, which is the subject of the notifi - cation file, whether inside or outside Egypt. • A signed declaration by the notifying person or their legal representative confirming the validity of the information and documents provided. • A receipt of payment of the prescribed fees for reviewing the notification file. • A declaration to pay all publication expenses according to the decision of the ECA’s board of directors. The notifying person may also submit any other relevant documents or data related to the review
of the “economic concentration”, such as any studies prepared by the concerned persons or a third party regarding the products used by these persons or for the purpose of evaluating and analysing the effects of the transaction on the markets (market structure, market shares, actual or potential level of competition, economic and financial status of the concerned persons). 3.6 Penalties/Consequences of Incomplete Notification The ECA typically assesses whether or not the notification file is complete and will notify the notifying party of any further information required. Failure to provide a complete applica - tion may result in the ECA rejecting the applica - tion or taking another corrective action it consid - ers appropriate. 3.7 Penalties/Consequences of Inaccurate or Misleading Information The ECA Article 22 bis d of the Egyptian Competition Law states that any person who obtains a clearance decision to implement the “economic concen - tration” in line with Article 19 bis c or Article 19 bis d of the Egyptian Competition Law by delib - erately submitting incorrect data, information or documents is going to be fined between 1% and 10% of the total annual turnover, or value of assets, or value of the transaction of the con - cerned persons, whichever is higher, according to the latest audited consolidated financial state - ments. If it is not possible to calculate this per - centage, the fine will be between EGP30 million and EGP500 million. The FRA Article 22 bis d of the Egyptian Competition Law states that any person who obtains a clearance decision from the FRA pursuant to Article 19 bis e of the Egyptian Competition Law by deliber -
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