Egypt’s EFG-Hermes boss banned from leaving country

CEO’s name on list of officials prohibited from leaving Egypt, says prosecutor
Egypt’s EFG-Hermes boss banned from leaving country
By Reuters
Mon 06 Feb 2012 12:24 PM

Egyptian airport authorities on Sunday prevented the chief executive of Egypt's investment bank EFG-Hermes from traveling to the Emirates when it was discovered that his name was among a list of Egyptian officials banned from leaving the state, airport sources said.

"Yasser el Mallawany was indeed prevented from traveling outside Egypt according to a decision taken by the general prosecutor," General Magdy El-Seman, manager of the passports' department at Cairo International Airport told Reuters. Another airport source who asked not to be named, said Mallawany was traveling to the Emirates.

Mallawany could not be immediately reached to comment.

Following the fall of President Hosni Mubarak last year by a popular uprising, the Egyptian public prosecutor banned some of Mubarak's officials and businessmen from traveling, pending investigations into corruption allegations. Mubarak, his two sons and some of his former officials and ministers are currently on trial on corruption charges.

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

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