(2017-02-20) Bichara seizes governing stake in Accelero Capital Co-Chief Executive Officer of Accelero Capital Khaled Bichara said that he holds a major stake in the firm’s shareholding after acquiring the stake of Orascom TMT Investments (OTMT) , a major shareholder in Accelero, owned by business tycoon Naguib Sawiris.
The purpose of the deal is to avoid suspicion of interest conflict between the firm’s activity in asset management and its affiliation to Sawiris’s investments, he added.
Sawiris investment vehicle OTMT Investments announced earlier that it exited its stake in Paris- and Cairo-based Accelero Capital.
The exit will also see OTMTI withdraw most of its assets being managed by Accelero.
OTMTI will remain, however, as an investor in the Accelero managed ACDC fund which is partnered with US-based Switch to develop data centers in Nevada.
Accelero is a vehicle founded by LinkdotNet founder and Sawiris loyalist Khaled Bichara, who was tapped early in 2016 to become CEO of Orascom Housing and Development and seconded there by Accelero.
