Egypt prosecutor-general issues travel ban for Sawiris businessmen

Ahram Online , Sunday 3 Mar 2013

The measure against the two business tycoons, Onsi and Nassef Sawiris, is part of the prosecution's investigation into alleged tax evasion related to the Lafarge deal 5 years ago

Nassef Sawiris has been the Director and the Chief Executive Officer of OCI since its incorporation in 1998

Egypt’s prosecutor-general has issued an order to place a travel ban on Orascom Construction Industries (OCI) founder Onsi Sawiris and its CEO Nassef Sawiris, an official judicial source told state-owned news agency MENA on Sunday.

According to the source, this move by the prosecution is part of an ongoing investigations of the two businessmen on charges of tax evasion in the sale of OCI’s cement unit Orascom Building Materials Holding to French cement Lafarge in 2008 for $15 billion.

Finance Minister El-Morsy Hegazy had lodged the complaint with the public prosecution, claiming that OCI owed the state LE14 billion in taxes on the profits it reaped from the deal at the time.

OCI is Egypt’s largest publically traded company, with a current market capitalisation of LE54.1 billion. 

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