We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 14 Feb 2012 04:19 PM

Font Size

- Aa +

EFG-Hermes trading resumes after CEO statement

Investment bank issued details about its Chief Executive Yasser El Mallawany

EFG-Hermes trading resumes after CEO statement

Egypt's stock exchange briefly suspended trade in EFG-Hermes shares on Tuesday but resumed dealing after the investment bank issued details about its Chief Executive Yasser El Mallawany, who faces a travel ban.

The shares were trading down 1.6 percent by 1045 GMT, compared to a 1 percent drop in benchmark index.

Airport authorities prevented Mallawany from travelling to the United Arab Emirates last week when officials found his name on a list of people banned from leaving.

The company had last week said Mallawany was carrying out his duties and that no charges of any form had been levelled against him. It issued a fresh statement on Tuesday.

"EFG Hermes Holding confirms that the company is not under any kind of investigation and is carrying out its business as usual in Egypt and the region," it said, adding Mallawany was performing his duties and no charges had been levelled.

Following the fall from power of President Hosni Mubarak last year the public prosecutor banned some officials and businessmen from travelling, pending investigations into corruption allegations.

Mubarak, his two sons and some former officials and ministers are currently on trial on corruption and other charges.

EFG-Hermes has come under the spotlight since last year for its association with Mubarak's younger son Gamal, who owns 18 percent of the investment bank's subsidiary EFG-Hermes Private Equity.

EFG-Hermes has said the subsidiary generates no more than 7 percent of EFG Hermes Holding's total revenue and that it does not manage any funds or portfolios for Mubarak or his family and did not receive any special privileges from his government.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.