Al-Marsad newspaper: The Egyptian company “Capiter”, which is the e-commerce platform specialized in the field of fast-moving consumer goods, explained that as of September 6, Mahmoud Noah, and Ahmed Noah, CEO of the company and chief operating officer, were dismissed with a decision that takes effect immediately, once morest the background of collecting 33 loans. Million dollars, and fleeing abroad is a case of controversy among entrepreneurs.
A number of social media pioneers specializing in digital commerce revealed the reasons for the company’s owners fleeing, explaining that the reason behind this was poor management and the company’s bankruptcy.
Walid Rashid, one of the pioneers of social networking sites, said via Facebook, in quoting people close to the founders of the company who fled abroad, that their escape came following the company’s bankruptcy, once morest the backdrop of current global events, forcing them to borrow in their personal names from banks, to pay dues. workers following the company ran out of money, according to the “Cairo 24” website.
He explained that borrowing was a temporary solution until an investment process was arranged or the company was sold, but when the solutions to sell to Saudi and Jordanian authorities failed and following the offers were rejected, the company’s performance faltered, debts accumulated and they were attacked, forcing them to travel abroad, evading legal imprisonment until they find a solution to the crisis , provided that they explain the matter to the investors when they find the situation appropriate.
Mohamed Noah, who escaped, is one of the founders of Swvl Transportation Solutions, which operates in Egypt and several countries.