Egypt's Ahli Bank has said it will sue an Egyptian newspaper for LE100 million (US$17m) after it claimed the bank was involved in transferring money of corrupt officials outside the country in the wake of the revolution.
The Thursday edition of the Al-Wafd newspaper claimed several state-owned Egyptian banks were involved in such practices but only named one, the Heliopolis branch of Ahli.
"They have not any facts or evidences for these charges," Khaled Badr, a spokesman for Ahli Bank, told Ahram Online.
"This will ruin Egypt's investment and banking sector," he added
In February, Egypt's central bank announced a limit on cash withdrawals by individuals but placed no limit on overseas transfers.