Misr Italia Properties Dispute: Unpacking the Truth Behind the Headlines - Mohamed Hany El Assal Case: What Really Happened at Misr Italia?
- Mohamed Hassan
- Jul 6
- 4 min read
Updated: Aug 1
Introduction:
In mid-April, news broke about a court ruling against Mohamed Hany El Assal, a key executive at Misr Italia Properties, for alleged forgery to take over the company. Social media and news outlets quickly erupted with discussions, fueled by rumors of El Assal's "escape" to London. In the current market, such news sparks significant concern, threatening investor confidence. My in-depth research uncovered many inaccuracies, prompting me to present the facts with dates and documents, leaving you to form your own judgment.
Understanding Misr Italia Properties' Structure:
Before diving into the details, it's crucial to understand how Misr Italia Properties is organized:
Core Founders: The company is equally owned (50% each) by two brothers: Hany El Assal and Khaled El Assal.
Next Generation: Both brothers brought their sons into the company:
Hany El Assal's children: Mohamed and Hendy.
Khaled El Assal's children: Mohamed and Karim.
Managing Directors: Mohamed Hany El Assal and Mohamed Khaled El Assal both hold Managing Director positions, reflecting a balanced executive leadership from both families.
Timeline of Events and Misconceptions:
The issues began in late 2023 and unfolded as follows:
November 20, 2023: The Start of the Conflict:
Hany El Assal's family was informed by the company's auditor about a General Assembly meeting on December 1, 2023.
The meeting's purpose was to discuss a new board of directors and define its powers.
The meeting concluded with a decision to dismiss Mohamed Hany El Assal, which was approved by Egypt's General Authority for Investment and Free Zones (GAFI).
March 2024: Continued Public Appearances:
Despite the dismissal, Mohamed Hany El Assal and Mohamed Khaled El Assal appeared on "El Ged'aan" TV show from the company's Il Bosco project.
Mohamed Hany El Assal's appearance in an executive capacity suggested he had not complied with the dismissal, continuing his management role.
March 2024: Forbes Report Insights:
Forbes magazine released its annual report on the top 100 real estate figures in the Middle East for 2024.
Hany El Assal, Mohamed Khaled El Assal, and Karim El Assal were featured, with Misr Italia ranking 59th globally and 8th among Egyptian companies.
The 2025 Surprise: The March 2025 Forbes report omitted Mohamed Hany El Assal's name and photo, even as the company climbed to 50th globally. This raised questions about his status.
Criminal Lawsuit Filed:
Mohamed Khaled El Assal filed a lawsuit against Mohamed Hany El Assal, accusing him of forging official company documents to seize control.
Prosecution Inquiry: According to Mohamed Hany El Assal's lawyer, he was interrogated and released without bail. This suggests the prosecution found insufficient evidence to support the claims, implying a potentially "malicious" lawsuit.
July 2, 2024: Hany El Assal Family's Grievance:
Hany El Assal's family filed a grievance with GAFI, challenging the Authority's approval of the December 1, 2023 meeting.
July 18, 2024: New Board Announced:
Mohamed Khaled El Assal announced a new company board, including his father Khaled El Assal, Mohamed Khaled El Assal, and Karim El Assal, with Mohamed Khaled El Assal as Managing Director.
October 3, 2024: GAFI's Decision:
A GAFI committee decided to cancel the results and approval of the December 1, 2023 meeting. This ruling effectively reverted the situation to its state before that meeting, implying Mohamed Hany El Assal's position should have been reinstated.
April 2025: Absentee Judgment Issued:
An absentee judgment was issued against Mohamed Hany El Assal in mid-April 2025 for forgery. This likely resulted from continued legal action despite GAFI's previous decision.
"Escape" Misconception: Rumors of El Assal "escaping" to London immediately after the verdict spread. However, his lawyer stated he was already in London for medical treatment, a trip he makes annually. A travel ban requires a Public Prosecutor's order, which isn't easy to obtain. It's likely he was abroad, not "escaping."
"Embezzlement" Misconception: The 50/50 ownership structure means neither party can withdraw company funds without the other's consent, refuting claims of embezzlement.
Misr Italia's Statement Post-Verdict:
Days after the judgment, Misr Italia issued a statement that, arguably, damaged its own reputation.
The statement claimed the judgment was "personal" to Mohamed Hany El Assal, unrelated to his company role, and that he had left the company, holding only a 13% stake.
Critique of the Statement: This statement should have aimed to reassure the market and defend both the company's and Mohamed Hany El Assal's reputation. Instead, it disavowed him, and the 13% figure contradicts the publicly known 50/50 ownership. Such actions by a large company like Misr Italia can severely harm its credibility.
Important Message for Authorities and Media:
What has transpired should be a serious wake-up call for those overseeing Egypt's real estate sector:
Government Intervention is Crucial: The state must intervene to resolve such disputes beyond just legal battles to protect the real estate market's reputation and investor trust.
Official Clarification: Government entities should step forward to clarify facts to the public, preventing the spread of rumors and misinformation.
Media Responsibility: Media outlets must verify information before publishing, especially concerning major company disputes. Legally, reporting on absentee judgments before a final ruling is restricted. Disseminating inaccurate information directly contributes to market instability.
Conclusion:
The purpose of this clarification is to present the complete facts, not to support or oppose any party. The Egyptian real estate market cannot afford further confusion. Maintaining its reputation and investor confidence demands transparency, adherence to legal principles, wise government intervention, and responsible media reporting.
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