Thursday 21 April 2011

FT.com - Probes spread alarm in Egypt’s businesses

Paul and George Bahna have, since January, scrambled to ensure the safety of their staff in Libya, where their company was involved in a rail project.

But their attention has now turned to Egypt, where Bahna Engineering Industries, the company founded by their father, has its headquarters and where the chairman of their most important client is in prison.

“These days when you say the name Ahmed Ezz, you might as well be saying Satan,” joked George Bahna. “It paralyses anyone involved with him – the divisions of his company, the banks that lent him money or handled his accounts. There is no liquidity. Everyone is afraid their head is next on the chopping block if they make the wrong decision.”

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