This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Eastern Company S.A.E. is Egypt's state-controlled tobacco monopoly, holding exclusive rights to manufacture and distribute cigarettes and other tobacco products within the country. It is the sole licensed manufacturer of cigarettes in Egypt, making tobacco its primary and defining business activity.
The company has been the subject of recent labor disputes. In May 2025, the Committee for Justice documented abusive measures taken by Eastern Company management against worker-shareholders after they refused to sell their shares to an undisclosed investor. This followed a 2023 event where the company signed a collective labor agreement in the presence of the Minister of Manpower. In 2024, Philip Morris International entered the Egyptian market by obtaining a stake in a company that won a disputed license, further entrenching international tobacco interests in the country through Eastern Company's monopoly structure.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.