Mamdouh El-Wali, Former Chairman of the Board of Directors of Al-Ahram Newspaper (Photo: Ahram)
Former chairman of Egypt's state-affiliated Al-Ahram newspaper Mamdouh El-Wali was released from custody one month after Egyptian prosecutors ordered his arrest on 4 August for financial corruption charges.
El-Wali's release comes after a legal settlement between businessman Ihab Talaat and Al-Ahram was concluded on Wednesday, the case wherein El-Wali was involved.
The former chairman was accused of illegally writing off debt Talaat owed Al-Ahram during his term between September 2012 and July 2013.
Founded in 1875, Al-Ahram is one of Egypt's oldest newspapers. It has grown over the years to release a large number of other publications and is endowed with its own advertising agency and a printing press which issues most of the nation's private and public newspapers and publications.