Egypt's CBE issues $80m in T-bills    Egypt's c. bank offers EGP 10b T-bonds fixed coupon    EGP steady vs. USD in early Sunday trade    Israeli escalation in Gaza amid warnings of humanitarian collapse    Tax revenues surge over 40% without new burdens: ETA chief    Egypt's public-private partnership investments hit EGP 19.8bn in FY 2023/2024: Tahoun Consulting    Egypt's PM attends Gabon president's inauguration after election win    Egypt's Abdelatty, US Advisor Boulos hold call on Africa, Middle East stability    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    EU ambassador commends Aswan's public healthcare during official visit    Agricultural Bank of Egypt offers 5-year livestock loans at 5% to support small farmers    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Taiwan GDP surges on tech demand    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt FM affirms full support for Somalia's unity, security    Central Bank of Egypt meets Chinese delegation to enhance bilateral relations    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's Citadel Capital chairman slapped with travel ban
Ahmed Heikel unable to leave Egypt as prosecutor investigates his role in the privatisation and sale of state-owned assets
Salma Hussein Published in Ahram Online on 14 - 04 - 2011

The Prosecutor-General has issued a travel ban on former prime minister Atef Ebeid and Citadel Capital chairman and founder Ahmed Heikel.
The two are accused of conspiring to embezzle public funds and profiteering, with the Prosecutor-General's office currently investigating the case, according to state news agency, MENA.
The charges concern the privatisation and sale of public companies, including Cement Portland Helwan.
Ebeid is alleged to have approved the sale of the strongly-performing state-owned company to Heikal at an under-valued price. Heikel is in turn accused of making enormous profits by reselling the firm at a doubled price to a foreign company.
The news was first published on the Prosecutor-General's Facebook page on Wednesday, but a spokesman from the office initially denied the travel ban included Heikal. It has now been confirmed that both he and Ebeid are banned from leaving Egypt.
Shares in Citadel Capital were among the top losers on Thursday's stock market following the news.
Citadel Capital is one of the Middle East and North Africa region's leading private equity firms. Its 19 opportunity-specific funds control platform companies with investments of more than US$8.6 billion in 15 industries including energy, mining, agrifoods, cement, transportation and retail, according to its website.
Founded in 2004, Citadel Capital is majority owned and controlled by its employees and has $757 million of its own capital invested across its funds and platform companies.
In 2010, owner Ahmed Heikal and his brother, Hassan made their first appearances on the Arab world's most wealthy list, charting 48th and 49th respectively, with estimated wealth of $1.7 billion each. They are the sons of Hassanein Heikal, the Nasserist political writer.
Hassan is the vice chairman and CEO of EFG Hermes, the largest investment bank in Egypt.

Clic here to read the story from its source.