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Saturday, 16 November 2019

Egypt prosecutor lifts stock freeze for ex-trade minister

Rachid Mohamed Rachid, sentenced to 20 years in absentia on graft charges, will be able to trade his shares on the Egyptian stock exchange following a fresh legal decision

Ahram Online, Sunday 5 Aug 2012
Rachid Mohamed Rachid
Former minister of industry and trade Rachid Mohamed Rachid (Photo: Al-Ahram)
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Egypt's prosecutor-general has lifted the trading ban on stocks owned by the country's former minister of trade and industry and his wife, the state-run MENA news agency reported on Sunday.

Former minister Rachid Mohamed Rachid fled Egypt during the 18-day uprising against Hosni Mubarak. He is currently thought to be in the United Arab Emirates.
 
In March 2011, Misr for Central Clearing, Depository and Registry (MCDR), which trade on Egypt's exchanges, announced the names of 25 Egyptian officials and family members whose shares had been frozen due to corruption allegations. Rachid and his wife were among them.
 
While the trading ban on Rachid's stocks has now been lifted, others assets held by the ex-minister remain frozen.
 
In June 2011, the former minister was sentenced to five years in absentia after being convincted of embezzling public funds. 
 
Shortly after, in September 2011, Rachid was handed an additional 15 years on graft charges related to the illegal sale of steel licenses. He was also fined LE1.4 billion and ordered to refund the profits he had acquired through the sale of the contracts.
 
Rachid served as a minister of industry and trade from 2004 to 2011, under toppled president Hosni Mubarak.
 
He previously served as chairman of Unilever Egypt and was responsible for Middle East business development.
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