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EFG-Hermes chief slapped with travel ban: Sources

Yasser El-Mallawany was prevented from boarding a plane to the Emirates on Sunday, say airport officials

Ahram Online and agencies, Monday 6 Feb 2012
EFG-Hermes head Yasser El-Mallawany (Photo: Ahram file)
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Views: 4574

The chief executive of Egypt's investment bank EFG-Hermes was prevented from travelling to the United Arab Emirates on Sunday after Egyptian authorities found his name on a list of officials banned from leaving the state, airport sources told Reuters.

An airport official told media that Yasser El-Mallawany was set to fly to the UAE on Sunday, but authorities barred him from leaving upon orders from the country’s attorney general. Ahram Online is trying to confirm these reports.
A Justice Ministry official says that El-Mallawany and Gamal Omar, a close friend of ousted President Hosni Mubarak’s son, Gamal, are being investigated for allegedly paying thugs to attack revolutionary youth after a soccer match in the Egyptian city of Port Said. In a riot there last week, 74 people were killed.
EFG has faced scrutiny since last year for its association with Mubarak's younger son Gamal, who owns 18 per cent of the investment bank's subsidiary EFG-Hermes Private Equity. 
The subsidiary generates no more than 7 per cent of EFG Hermes Holding's total revenue, EFG has said it does not manage any funds or portfolios for Mubarak or his family and did not receive any special privileges from the Egyptian government.
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