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Saturday, 23 March 2019

Petroleum exec, two others referred to court in Egypt on $1 billion embezzlement charges

El-Sayed Gamal El-Din, Thursday 18 Oct 2018
Egypt
Egypt's public prosecutor Nabil Sadek (Photo: Al-Ahram)
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Egypt's Prosecutor-General Nabil Sadek has referred to criminal court three people accused of embezzling $1 billion from the petroleum company Tri Ocean Oil and moving the funds to Doha and other countries.

The Egyptian state is a shareholder in Tri Ocean, a privatley owned energy company, according to the prosecution.

The defendants include the deputy head of the company's board of directors and its finance director.

According to investigations, one of the defendants transferred $9.5 million to his account in Bank Audi in Switzerland and the Qatar National Bank (QNB) in Doha.

The investigations also indicated that another defendant transferred over $4 million to the account of a company he owned in several banks in Cairo and Doha and $4.453 million to his account in QNB in Doha.

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