Guezira Hotels & Tourism (GIZF) announced on Monday the resignation of Sherif Ameen El-Maghrabi, the brother of Egypt's former Minister of Housing, from his post as chairman of the company's Board of Directors.
Mary Bizwot, representing the French hospitality company Accor, was appointed in El-Maghrabi's place.
GIZF's Ordinary General Assembly has just ratified reports from the Board of Directors and audits of financial statements of the company up to 31 December 2010.
The company achieved a net profit of US$7.8 million last year, 11.6 per cent down from 2009 gains of $8.8m.
GIZF has total capital of $20.81m divided into 2.97 million shares with a nominal value of $7 per share.
Sherif's brother, Ahmed El-Maghrabi, is accused of illegally allocating 37 Feddans of land to Moroccan businessman Feisal Mloud during his tenure as a government minister.
The Public Funds Prosecution ordered that Ahmed El-Maghrabi be detained for 15 days pending investigation on 27 February 2011. He is still being held in Tora prison, southern Cairo, alongside other members of the former regime.
El Gezirah Hotels & Tourism Company SAE is an Egypt-based public shareholding company that invests in and owns hotels and casinos.
Its most notable asset is the Sofitel Cairo El-Gezirah hotel, which is managed by France's Accor Hotels Company.