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Egyptian court lifts assets freeze on Palm Hills chairman

Real estate developer's stocks see a surge after appeal court lifts restrictions on Yassin Mansour's assets

MENA and Ahram Online, Thursday 26 Apr 2012
Yassin Mansour
Yassin Mansour during an appearance on Egyptian TV (Photo: Ahram file)
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An Egyptian court has lifted a freeze on the assets of Yassin Mansour, chairman of real estate giant Palm Hills Development and former board member at Credit Agricole Bank.
 
The head of Cairo's appeal court send notice of its decision to the Egyptian stock exchange on Thursday.
 
Mansour's assets were frozen in March 2011 as the tycoon faced allegations of corruption in a case involving the sale of state land to Palm Hills.
 
In July, Mansour and former housing minister Ahmed El-Maghrabi were cleared of the corruption charges by a Cairo court.
 
Credit Agricole Bank said in a statement in early 2011 that Yassin Mansour was a non-executive member of the bank's Board of Directors.
 
Palm Hills stock surged 5.08 percent in Thursday trade on Egypt's stock exchange following the news. 
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