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Tuesday, 22 June 2021

Detention of Egyptian businessman Ashraf El-Saad 'procedural': Source

El-Saad, who was the CEO of El-Saad Investment Group, had been able to collect around EGP 1 billion from citizens

Ahram Online , Thursday 6 May 2021
Ashraf El-Saad
Egyptian businessman Ashraf El-Saad on the plane as he travels back to Egypt. Photo courtesy of Ashraf El-Saad Facebook page
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The detention of Egyptian businessman Ashraf El-Saad following his return to the country from London after fleeing the country in 1995 over exploiting funds from citizens is “procedural”, a security source said on Wednesday. 

The source said the detention of El-Saad was a normal procedure, adding that his legal record would be inspected, including cases filed against him, to ensure case closure. 

He will be immediately released after verifying his acquittal from filed cases, the source added. 

El-Saad, who was the CEO of El-Saad Investment Group and the head of one of the biggest companies for exploiting funds, which turned popular in the 90s, had been able to collect around EGP 1 billion from citizens, who had been promised hefty monthly and annual profit.

He was charged in multiple cases that include the exploitation of funds from citizens in the 90s, before fleeing the country later. 

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