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Egyptian bank to sue newspaper over accusations of transferring corrupt funds

Ahli spokesman vows legal action against Al-Wafd following a report claiming state banks helped regime officials spirit money out of the country during the revolution

Bassem Abo Alabass, Thursday 3 Nov 2011
Ahli Bank
People line outside Al Ahli United Bank in Cairo in early February, as Tahrir's protests raged on(Photo: Reuters)
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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.
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