EGYPT Law and Practice Contributed by: Alex Saleh, Asad Ahmad, Hegui Taha and Farida Koura, GLA & Company
ately submitting incorrect data, information or documents will be fined between 1% and 10% of the total annual turnover, or value of assets, or value of the transaction of the concerned per - sons, whichever is higher, according to the latest audited consolidated financial statements. If it is not possible to calculate this percentage, a fine of between EGP30 million and EGP500 million will be imposed. 3.8 Review Process The ECA will review the “economic concentra - tion” in phase I within 30 working days. This 30-day period will start from the next working day following the date of the completed notifi - cation file being submitted. This period may be extended by another 15 working days in those cases where the concerned persons submit a commitments offer. If the legal time limit for the review lapses without a decision being issued, this will be considered to be a clearance of the ”economic concentration”. The ECA will continue to review the notification file for 60 working days, starting from the date of the issuance of a decision by one of the review committees referring the notification file to phase II. This period may be extended by 15 working days in those cases where the concerned per - sons submit a commitments offer. In terms of those “economic concentrations” where the target person operates in any of the activities subject to the supervision and ”control” of the FRA, the ECA will review the “economic concentration” within 30 days starting from the day following the receipt of the complete noti - fication file and its attachments from the FRA. Decisions Regarding Phase I The ECA may issue any of the following deci - sions:
• non-jurisdiction of the ECA to review the notification file; • dismissal of the request. In this case the con - cerned persons abandoned the “economic concentration”; • clearance. If the notified “economic concen - tration” conforms with Article 19 bis b of the Egyptian Competition Law; • conditional clearance. If the “economic con - centration” conforms with Article 19 bis b of the Egyptian Competition Law, upon approval of the commitments offer submitted by the concerned persons; or • referral to phase II of the review process. If the “economic concentration” raises suspi - cion of lessening, restricting or harming the freedom of competition. Decisions Regarding Phase II The ECA may issue any of the following deci - sions: • dismissal of the request. In this case the concerned persons abandon the “economic concentration”; • clearance. If the notified “economic concen - tration” conforms with Article 19 bis b of the Egyptian Competition Law; • conditional clearance. If the “economic con - centration” conforms with Article 19 bis b of the Egyptian Competition Law, upon approval of the commitments offer submitted by the concerned persons; or • block. If the “economic concentration” may restrict, lessen or harm competition. The concerned persons may lodge a grievance against the block decision within 30 days from the date of notification to the concerned per - sons.
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