EFG-Hermes CEO banned from leaving Egypt

Egyptian authorities have slapped a travel ban on the head of investment bank EFG-Hermes, Yasser al-Mallawany, a close associate of ousted president Hosni Mubarak’s son Gamal, a judicial official said on Monday.

Airport officials stopped Mallawany from traveling on Sunday as he was headed to the UAE, “based on orders from the prosecutor general,” the official told AFP.

Gamal Mubarak, who owns 18 per cent of the bank’s subsidiary EFG-Hermes Private Equity according to media reports, is currently on trial for corruption, along with his brother Alaa and several officials, following the February 2011 ouster of his father in a popular uprising.

EFG-Hermes is one of the largest investment banks in the Middle East.