Egypt Bans Citadel Capital’s Chairman Heikal From Travel
Egypt has banned Ahmed Heikal, chairman of private-equity firm Citadel Capital SAE, and former Prime Minister Atef Obeid from travel pending an investigation into a corruption claim, Adel El Saeed, a spokesman for the public prosecutor’s office, said by phone.
Separately, Citadel Capital said it bought Helwan Portland Cement from private owners, not the government. A claim filed with the country’s public prosecutor alleges Citadel bought the cement manufacturer from the government at a low price, Saeed said today.
Citadel began acquiring the cement maker from private owners in 2004 after the company was privatized in 2001, the Cairo-based firm said in an e-mailed statement today.
The statement didn’t mention Heikal’s travel ban. Ghada Hammouda, a spokeswoman for Citadel, wasn't available for comment.
The company’s shares dropped 8 percent in trading today to close at 5.20 Egyptian pounds (87 cents), the lowest level since Dec. 7, 2009.
To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net
To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net
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