Egypt Independent

Oriental Weavers say shares not owned by Mubarak family



Oriental Weavers Carpets, one of the largest manufacturers of machine-woven rugs in the world, has denied that deposed President Hosni Mubarak or any of his family members own shares in the company.

In a statement released today, the company said none of its stockholders are from the Mubarak family, adding that it adopts a policy of transparency toward stakeholders.

Mohamed Farid Khamis, the company's chairman and a former MP, was close to ousted President Hosni Mubarak.

Khamis has been questioned by Egypt's public prosecution several times in the past two years over his involvement in corruption and bribery cases.

The Egypt-based company has a number of subsidiaries: Oriental Weavers Fibers Company, Oriental Weavers USA Inc. (the company's marketing and distribution division for the United States market), Oriental Weavers United Kingdom Ltd. (for the UK and other European markets), and Oriental Weavers International.