Last Update 21:38
Saturday, 19 October 2019

Egypt PM dismisses Atef Ebeid from AIB chairmanship

Prime Minister Essam Sharaf has dismissed former Prime Minister Ebeid from a bank chairmanship following allegations of systematic corruption

Salma Hussein, Thursday 7 Apr 2011
Atef Ebeid
Former Prime Minister Atef Ebeid
Views: 3228
Views: 3228

Egyptian Prime Minister Essam Sharaf has dismissed former Prime Minister Atef Ebeid from his position as chairman of Arab International Bank on charges of corruption related to the Mubarak regime.

The former prime minister is accused of selling public assets at below value prices. His assets are currently frozen. He was close to Mubarak and was his economic advisor for many years. Mubarak named him, after he left the cabinet, as chairman of the Arab International Bank where he was paid a monthly salary of "no more than LE300,000", according to Ebeid.

It is suspected that heavy outflows were transferred from the Arab International Bank since the 25 January popular revolt that lead to the ouster of Mubarak.

Muslim Brothehood lawyer Mahmoud Ismail accuses Ebeid of being implicated in the transfer of funds of "corrupt businessmen and officials" abroad in "unknown and obscure" banking operations.

"No ministers or big businessmen are depositing accounts in the AIB," Ebeid said in his first reaction to the claims in interview with Al-Shorouk newspaper. On the contrary, he said, "Some 90 per cent of [the bank's] balance comes from small depositors."

Ebeid also denied claims that Arab International Bank was being used as a doorway in cash laundering operations, adding "The desire for personal revenge is behind such allegations."

Two years ago, ex-parliament members Abu El-Ezz El-Herreiry and Gamal Zahran demanded Arab International Bank close to halt its corruption. "The bank is turning into a giant octopus that is going to swallow public money," El-Harreiry said in an article entitled "A request for terminating the Arab International Bank" published on Al-Youm Al-Sabea website 11 June 2009.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

Rafik Salib
07-04-2011 08:47pm
While I am not a particular fan of Dr. Ebeid, recent allegations about AIB suspicious cash outflows have no basis. These allegations reflect an alarming negative negative trend Unlimited cash transfers have been consistantly been unrestricted within all Egyptian banks until 25/01/11. Furthermore, Central Bank of Egypt(CBE)has been and continues to be stongly represented in the bank's Board of Directors on behalf of the Egyptian Government; I believe one of CBE's representatives heads AIB's internal control department - No possible way for "iffy" financial transactions. Please go back to the historic positive contributions of AIB towards financing Egypt's wheat imports's needs.....just a small example of AIB's positive contributions! Please stop this Witch Hunt which seriously undermines Egypt!
Comment's Title

© 2010 Ahram Online.