True finance Leasing & Factoring Co. announced that it has initiated legal action against entities that are unlawfully exploiting its name or trademark, stressing that it will not tolerate any reticence in protecting its legal and commercial rights.
In an official statement, the company stated that it has filed a complaint with the Financial Regulatory Authority against Shahry For Consumer Finance for using a name and trademark similar to “True Finance.” The company uses the name “Tru Finance” without obtaining a license or prior permission, in violation of the applicable laws and regulations.
True finance explained that «Shahry» uses the name and trademark in its marketing and commercial activities in a manner that creates confusion among customers and misleads them about the service provider.
The company asserted that it suffered damages as a result of this illegal use, particularly in the media, as the company in question promotes itself as True finance, in clear and explicit violation of applicable legal regulations.
True finance also filed another complaint with the General Authority for Investment and Free Zones, stating that this impersonation directly harmed it and led to significant confusion in customer transactions in the market.
The company emphasized that it has no legal or commercial relationship or partnership with Shahry For Consumer Finance or its application, issued under the name TRU Finance, and affirmed that it completely disclaims any liability for any transactions conducted through this application.
The company has provided financing exceeded EGP one billion pounds as of June 30, achieving a 110% year-on-year growth in profits.
As part of its expansion, True finance Leasing & Factoring recently entered the factoring sector, targeting the education, energy, and industrial sectors. In a strategic move, it led a EGP 1.5 billion financing consortium for one of the largest real estate entities, serving as the financing manager and promoter.
It’s worth noting that Emirates NBD Leasing was established in 2008 and was owned by Emirates NBD. In early 2022, it was acquired by Taj Holding for Financial Investments, transforming it into True finance Leasing & Factoring. Its board of directors is chaired by Mr. Mohamed Afifi, who has extensive experience in the banking sector and non-banking financial activities. Its headquarters are located in the South Business Park in Cairo Festival City, New Cairo.
