EFG-Hermes: Chief executive has not fled Egypt

Ahram Online, Sunday 2 Oct 2011

Investment bank denies rumours its head fled the country after last week's airing of a television programme detailing the firm's links to Gamal Mubarak

Egyptian investment bank EFG-Hermes has moved to quash rumours over the flight of its chief executive, Yasser El-Mallawany, saying he is present at company headquarters in Cairo and carrying out his normal duties.

Rumours circulated over the weekend on social media site Twitter, claiming El-Mallawany had fled Egypt following the airing of a TV programme that linked him to the controversial business activities of Gamal Mubarak.
The youngest son of Egypt's deposed president, Gamal Mubarak is currently standing trial on corruption charges.
EFG-Hermes sent a statement to Egypt's stock exchange on Sunday in which it said "rumours circulated in the media are unfounded" and that the company was considering taking legal action.
El-Mallawany was out of Egypt last week, accompanying Egypt's Minister of Finance, Hazem El-Beblawi, to Washington DC to attend autumn meeings of the International Monetary Fund and the World Bank.
Mid-last week, a programme on independent television channel ONTV explored the wealth and business connections of Egypt's ousted president and his family, highlighting their links to major Egyptian firms, including EFG-Hermes.
EFG-Hermes issued an official statement on 17 February 2011 saying Gamal Mubarak held no shares in the company itself but rather had an ownership stake in its subsidiary, EFG-Hermes Private Equity, a firm he was involved with in 1996 before embarking on his political career.
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