Tuesday 7 February 2012

Crackdown on Egyptian business - The National

EFG-Hermes, the biggest publicly traded bank in Egypt, is the latest casualty of a crackdown on businessmen and companies in the country that have alleged links to the former Mubarak government.

Yesterday, Yasser El Mallawany, a co-chief executive of EFG-Hermes investment bank in Egypt, was prevented from flying abroad from Cairo International Airport.

There was no official reason given for the move, other than the need for Mr El Mallawany to help with unspecified investigations into bank business. In the past year, however, the bank has been scrutinised for its alleged association with former president Hosni Mubarak's younger son, Gamal, who owns indirectly 18 per cent of the investment bank's subsidiary EFG-Hermes Private Equity.

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