Egypt Independent

Egypt places travel ban on EFG-Hermes chief executive

Egyptian airport authorities prevented the chief executive of Egypt's investment bank EFG-Hermes from traveling on Sunday after they discovered his name was among a list of Egyptian officials banned from leaving the country, airport sources said.

"Yasser el Mallawany was indeed prevented from traveling outside Egypt according to a decision taken by the general prosecutor," General Magdy El-Seman, manager of the passports' department at Cairo International Airport told Reuters. Another airport source who asked not to be named said Mallawany was traveling to the Emirates.

Mallawany could not be immediately reached to comment.

Following the fall of President Hosni Mubarak last year by a popular uprising, the Egyptian public prosecutor banned some of Mubarak's officials and businessmen from traveling, pending investigations into corruption allegations. Mubarak, his two sons and some of his former officials and ministers are currently being tried for corruption.

EFG has come under the spotlight since last year for its association with Mubarak's younger son Gamal, who owns 18 percent of the investment bank's subsidiary EFG-Hermes Private Equity. The investment bank has said it does not manage any funds or portfolios for Mubarak or his family and did not receive any special privileges from the Egyptian government.