Egypt's Cabinet: Central bank's prudent policy drove decade-long surge in remittances    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    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.



EFG-Hermes: Chief executive has not fled Egypt
Investment bank denies rumours its head fled the country after last week's airing of a television programme detailing the firm's links to Gamal Mubarak
Ahram Online Published in Ahram Online on 02 - 10 - 2011

Egyptian investment bank EFG-Hermes has moved to quash rumours over the flight of its chief executive, Yasser El-Mallawany, saying he is present at company headquarters in Cairo and carrying out his normal duties.
Rumours circulated over the weekend on social media site Twitter, claiming El-Mallawany had fled Egypt following the airing of a TV programme that linked him to the controversial business activities of Gamal Mubarak.
The youngest son of Egypt's deposed president, Gamal Mubarak is currently standing trial on corruption charges.
EFG-Hermes sent a statement to Egypt's stock exchange on Sunday in which it said "rumours circulated in the media are unfounded" and that the company was considering taking legal action.
El-Mallawany was out of Egypt last week, accompanying Egypt's Minister of Finance, Hazem El-Beblawi, to Washington DC to attend autumn meeings of the International Monetary Fund and the World Bank.
Mid-last week, a programme on independent television channel ONTV explored the wealth and business connections of Egypt's ousted president and his family, highlighting their links to major Egyptian firms, including EFG-Hermes.
EFG-Hermes issued an official statement on 17 February 2011 saying Gamal Mubarak held no shares in the company itself but rather had an ownership stake in its subsidiary, EFG-Hermes Private Equity, a firm he was involved with in 1996 before embarking on his political career.

Clic here to read the story from its source.