For having an alleged ties with outlawed Muslim Brotherhood, Mostafa Sakr has said his company's assets have been frozen.
The Muslim Brotherhood’s activities were banned in 2013 after the army ousted President Mohamed Mursi of the Brotherhood following mass protests against his rule.
The government formed a committee shortly thereafter to manage the Brotherhood’s funds and properties.
It also seized the assets of many of the group’s leaders.
Mostafa Sakr, the Chairman of Business News, the parent company of Al-Borsa, a widely read financial newspaper, and Daily News Egypt, a popular English-language paper, however, denied any connection with the organisation.
He said “our notebooks are open and our assets are clear and we have just one source, our advertisements and subscriptions.
“We did not receive any explanations or even warnings about this beforehand whatsoever, so we are extremely surprised by this decision,’’ Sakr said.
Human rights groups have accused Egyptian authorities of widespread violations that include rolling back press freedoms won in the 2011 uprising that toppled veteran autocrat, Hosni Mubarak.
Sakr said the company had appealed the committee’s decision and that the newspapers would continue to operate as usual.