Latest news with #Farid
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
FRA, Italian Embassy explore cooperation in Egypt's growing non-banking financial sector
Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), met with Italian Ambassador to Cairo, Michele Quaroni, and his accompanying delegation to discuss opportunities for cooperation in Egypt's rapidly expanding non-banking financial sector and to enhance Italian investments in this promising market. The meeting was also attended by FRA Vice Chairperson Islam Azzam, senior FRA officials, and members of the Italian Embassy's economic and investment team. During the meeting, Farid gave a detailed presentation on the latest regulatory and structural developments in Egypt's non-banking financial markets, particularly highlighting the introduction of the Unified Insurance Law. He described the law as a key milestone in modernising Egypt's legislative and regulatory framework for insurance, aimed at streamlining procedures, expanding digitalisation, and strengthening investor protections. Farid emphasised that the new law is central to improving the quality of insurance services, ensuring policyholder rights, and making the Egyptian market more attractive to foreign investors. He underlined the law's role in supporting Egypt's shift towards a more sustainable and competitive economy. The FRA Chairperson also outlined the Authority's recent initiative to launch a regulated voluntary carbon market, the first of its kind in the region under capital market supervision. This initiative is part of Egypt's broader green transition strategy and presents significant opportunities for Italian companies in clean technology and renewable energy—not just as investors, but as strategic partners in establishing new climate finance mechanisms. Farid stressed that this carbon market is designed to contribute to Egypt's national efforts to transition to a low-carbon, climate-resilient economy, aligned with global carbon neutrality goals. On the topic of financial technology and digital transformation, Farid noted that the FRA is working to build a regulatory environment that supports innovation. He highlighted several initiatives aimed at enhancing the digital infrastructure of the non-banking financial sector to promote financial inclusion and unlock new investment avenues, especially for Italian companies engaged in fintech. He added that the digitisation of non-banking financial services—particularly in insurance, capital markets, and microfinance—is essential to expanding access for all societal segments and aligns with Egypt's broader goals of financial and digital inclusion. 'We are racing against time to digitise non-banking services in support of start-ups and entrepreneurship,' Farid said, emphasising that fintech is a core driver of inclusivity and sectoral efficiency. Ambassador Quaroni expressed appreciation for the FRA's reform momentum and the rapid transformation of Egypt's non-banking financial market. He reiterated Italy's keen interest—at both the governmental and private sector levels—in exploring investment and partnership opportunities, particularly in the carbon market and the digital finance space. The Ambassador affirmed his commitment to facilitating closer cooperation through a series of technical meetings between relevant stakeholders from both countries to move forward on joint initiatives. Concluding the meeting, Farid reaffirmed the Authority's full commitment to maintaining close coordination with the Italian side. He noted that the FRA is ready to provide detailed briefings on key areas of mutual interest in order to translate these discussions into concrete investment partnerships that contribute to economic development in both countries.
New Straits Times
5 days ago
- Business
- New Straits Times
Police bust Puchong investment scam syndicate, 10 arrested
SERDANG: Police have arrested 10 people believed to be involved in a foreign currency investment scam that caused losses amounting to RM399,787, following a raid on a premises in Bandar Puteri, Puchong, last Friday. Sepang police chief Assistant Commissioner Muhamad Farid Ahmad said the suspects, comprising seven men and three women aged between 21 and 38, were believed to have taken on various roles, including managers, platform developers, customer service agents, and administrators handling company documents. He said initial investigations revealed that the syndicate had been operating for the past six months, targeting both local and foreign victims. "The syndicate allegedly offered lucrative returns on initial investments to gain victims' trust and encourage continued investment through a self-developed app. "It operated under two unregistered companies, and police are currently investigating another company believed to have been used to facilitate fund transfers from victims," he told reporters here today. Farid said checks on the application showed a total of 2,597 suspected victims, comprising 2,482 Malaysians, 111 Indonesians, and one each from India, Mongolia, South Africa, and Bhutan. "During the raid, police seized three computer monitors, two CPUs, six laptops, 14 mobile phones, and a Wi-Fi modem, all believed to have been used in the illegal operation. "The total value of the seized items is estimated at RM45,000," he said. He added that none of the suspects had prior criminal records and all tested negative for drugs. "The suspects were initially remanded for one day and released on police bail but have since been re-arrested in connection with a report lodged in Taman Melawati," he said.
The Star
5 days ago
- The Star
Seven arrested in Serdang police ops on burglars and snatch thieves
SERDANG: District police have solved a house break-in and a series of snatch thefts with the arrest of seven suspects in two separate cases. In the first case, two men with criminal records were detained over a burglary in Bandar Putra Permai here. Serdang OCPD Asst Comm Muhamad Farid Ahmad said the victim left his home at about 7am on June 7. "When he returned at 4pm the next day, he discovered his house had been broken into. "The house was in shambles and his car and valuables were missing," he told a press conference at Serdang district police headquarters on Monday (June 23). ACP Farid said the losses, including the car, two laptops, sunglasses and cash, came up to about RM42,000. "An investigation led to the arrest of two men, aged 38 and 44, in Klang on June 18. "We recovered the stolen items as well," he said, adding that the suspects had been remanded until today and police would apply for an extension. In the second case, ACP Farid said a snatch theft gang consisting of three men and two women, believed to be responsible for 39 cases in Selangor, was busted in an operation codenamed Ops Sentap Jay. "The suspects aged 20 to 30 were detained on June 19. "We believe they are responsible for cases in Serdang, Kajang and Subang Jaya," he said. Several items were seized, including a motorcycle, helmets, a laptop, a pawn shop receipt and jewellery, he added.
The Star
5 days ago
- The Star
Investment scam ring busted, 10 nabbed in Puchong raid
SERDANG: An investment scam syndicate has been busted in a raid on a call centre in Bandar Puteri Puchong. A total of 10 suspects, seven men and three women, were arrested during the operation. Serdang OCPD Asst Comm Muhamad Farid Ahmad said the raid was conducted at about 2.30pm on Friday (June 20). "We detained the suspects, aged between 30 and 40, including the ringleader. "So far, four victims have come forward with almost RM400,000 in losses," he told a press conference at Serdang district police headquarters on Monday (June 23). Various items worth RM45,000 were seized, including six laptops, 14 mobile phones, a modem and three monitors, he added. "The syndicate used online platforms to mimic foreign exchange schemes to dupe victims. "We believe they have been operating for about six months," he said. ACP Farid said the syndicate targeted mostly locals. "However, there are victims from Indonesia and India. "The syndicate would promise high returns within a short time to entice its targets," he said. He advised anyone planning to invest in a scheme to verify its authenticity with the Securities Commission first. "It is unfortunate that some people were duped by the promise of huge returns within a short time (and) failed to check the legitimacy of the scheme," he said. The suspects were remanded for one day Saturday (June 21) but were rearrested by Ampang Jaya police for a similar scheme in that district, he added. COMP COURTS CRIME
20-06-2025
- Politics
Azerbaijan sentences 7 journalists to prison in latest media crackdown
TALLINN, Estonia -- A court in Azerbaijan on Friday convicted a Radio Free Europe/Radio Liberty journalist and six others on multiple charges, handing down prison sentences ranging from 7 1/2 to nine years in prison, RFE/RL and local media reported. The verdict against RFE/RL's Farid Mehralizada and six journalists from Abzas Media, an independent Azerbaijani investigative outlet, marks the latest escalation in the country's crackdown on media. All seven journalists have dismissed the charges as politically motivated, and international rights groups have called for their release. Mehralizada, a journalist with RFE/RL's Azerbaijani service and an economist, was sentenced to nine years in prison, RFE/RL reported. Nine-year sentences were also handed to Abzas Media's director Ulvi Hasanli, chief editor Sevinj Abbasova (Vagifqizi) and investigative journalist Hafiz Babali. Reporters Nargiz Absalamova and Elnara Gasimova were sentenced to eight years in prison, and deputy director Mahammad Kekelov — to 7 1/2 years, Abzas Media said. Reporters Without Borders (RSF) in a statement Friday condemned the sentences as 'outrageous' and 'the outcome of a purely political trial based on fabricated charges, aimed at silencing voices that expose corruption and injustice.' 'The Azerbaijani authorities may imprison journalists, but they cannot imprison the truth," the group's editorial director Anne Bocandé said. 'RSF calls for the immediate release of all Abzas Media defendants and urges international actors to intensify pressure on Baku.' RFE/RL President and CEO Stephen Capus in a statement Friday said Mehralizada was 'unjustifiably detained' and called for his release. 'Farid has already lost a great deal. Unjustifiably detained for more than a year, he missed the birth of his child, and now waits for elusive justice. Denying this man his fundamental rights is unnecessarily cruel. Instead of perpetuating this sham, it's time to reunite Farid with his family,' the statement read. Six Abzas Media journalists were arrested in November 2023. The authorities claimed that they had found 40,000 euros in cash in the outlet's office in Azerbaijan's capital, Baku, and accused them of conspiring foreign currency into Azerbaijan. Mehralizada was arrested in May 2024 as part of the same case, even though both him and Abzas Media said that he never worked for the outlet. Later that year, authorities levied additional charges against Mehralizada and Azbas Media journalists, including illegal entrepreneurship, tax evasion, document forgery and others. In his closing statement to the court, which RFE/RL shared with The Associated Press, Mehralizada said that 'the truth is that I have not committed any media is one of the greatest means of service to the state, the nation, and humanity. Unfortunately, journalism in our country today is almost equated with terrorism.' Weeks before Mehralizada's arrest, in March 2024, Azerbaijani authorities targeted another news outlet, Toplum TV, with raids and arrests on similar charges. In December 2024, Azerbaijani authorities arrested six more journalists on smuggling charges, including five of those working for the independent Meydan TV news outlet. Earlier this year, authorities withdrew press credentials from Voice of America and Bloomberg and shut down the BBC's office in Azerbaijan. In a January 2025 report, Amnesty International said Azerbaijani authorities "have systematically silenced independent media through politically motivated arrests' and that those arrests, as well as shutting down independent news outlets, 'demonstrate Azerbaijan's continued crackdown on the right to freedom of expression and media independence, with fabricated charges weaponized to stifle free media.'
