Egypt's Citadel plunges 10 per cent after travel ban

Reuters, Sunday 17 Apr 2011

Bourse reacts sharply to action against bank chairman facing corruption investigation

Egypt's Citadel Capital stock plunged 10 per cent on Sunday after the public prosecutor ordered that its chairman, Ahmed Heikal, be banned from travel pending a probe of corruption allegations.

The news of the ban was reported after the close of trade on Thursday. Citadel's share price fell to LE4.68 on Sunday.

Short link: