Egypt
Egypt has abolished prison sentences in bankruptcy cases and limited punishment to a monetary fine.
The Egyptian cabinet approved a law abolishing it on Wednesday to establish a system to reduce judicial resort in bankruptcy cases, Justice Minister Hossam Abdel-Rehim told the media on Wednesday.
The law prescribes harsher punishment for false bankruptcy claims, as well as implementing measures to protect merchants and creditors, local Egyptian news portal Ahram Online reports.
They quoted the Investment Minister Dalia Khorshed saying the new law is part of the latest investment legislations adopted by the government to provide the maximum possible amount of guarantees for investors and businessmen.
Bankruptcy rulings have risen in Egypt since 2014 with thousands of dollars in debt values.
01:06
Liberia: French court hands former rebel leader 30-year prison sentence
00:52
Dani Alves released on bail amidst rape conviction appeal
01:36
South Africa: No arrest imminent for embattled speaker of parliament until April 2
01:09
Suspects in Moscow attack appear in court
01:02
The EU announces $8 billion aid package for cash-strapped Egypt
01:04
Congo reinstates the death penalty after more than 20 years