Egypt EFG CEO:

Travel ban,
soccer riot not
linked
EFG Hermes's CEO says
travel ban is part of the pain
of Egypt's revolution
CAIRO (AP) -- The chief executive of the Arab world's
biggest publicly traded investment bank denied reports
Monday that the travel ban imposed on him by Egyptian
authorities was linked to deadly post-match soccer riots
that left 74 dead.

Yasser el-Mallawany, the co-chief executive of Cairo-based

EFG Hermes said he could not explain the timing of the
travel ban imposed on him by Egypt's prosecutor general,
and which came to light Sunday after he was stopped at
Cairo's international airport while trying to travel to the
United Arab Emirates. But he described reports that it was
linked to last week's soccer riots as "the usual gossip."
A Justice Ministry official said Sunday that el-Mallawany
is under investigation for allegedly paying thugs to attack
fans after a soccer match in the Mediterranean city of Port
Said last week. The ensuing violence killed 74 and sparked
days of protests in the Egyptian capital, Cairo.
Asked about whether his travel ban was linked to the postmatch melee, el-Mallawany told The Associated Press:
"Categorically, no."
"This has nothing to do with Port Said," he said
El-Mallawany's co-chief CEO, Hassan Heikal, said the ban
was neither the first imposed on an Egyptian
entrepreneur, nor the only one imposed within the past
couple of days.

Egyptian authorities on Sunday slapped a travel ban and

referred to trial more than 40 people, including 19
Americans, who work with non-governmental
organizations that support democracy in Egypt. That case
threatens to strain Egyptian-U.S. ties and $1.3 billion in
military aid Cairo was slated to receive from Washington
this year.
"We're hoping that within the next few weeks, all of this"
will be settled, Heikal said. "None of the executives of EFG,
or EFG (itself), has done anything that is not in
compliance with any laws or regulations. There is no
accusation" against anyone.
"Honestly, it's unfortunate, but we have to go through it
like others have in the past," he said. "This is the price to
pay ... in the midst of a revolution."
The 18-day uprising that ousted Mubarak last February
triggered near daily protests and unrest in Egypt that have
undercut economic growth, driven away tourists and
foreign investment. For months, the country's military
rulers have come under increasing fire over their handling
of the transition to democracy and management of the

economy, with critics saying they are committed more to

ensuring their position in power than a transition to
civilian rule.
After the uprising, Egypt's business leaders were among
the first to come under public scrutiny because of their
close links to the ousted president and his family. Many
were seen as having secured their wealth and privilege as a
result of cronyism.
El-Mallawany said he could not discount that the ban was
a response by officials to "pressure from the street."
In a statement, EFG said that no charges had been brought
against el-Mallawany and that it had been "informed that
the ban was issued as a precautionary measure, as similar
bans have been imposed in the past 12 months on other
individuals in Egypt."
The news weighed heavily on the bank, with its shares
closing down 4.5 percent, at 11.01 pounds, on the Egyptian
Exchange.

Heikal said he was optimistic that, despite the current

situation and challenges, EFG would emerge unscathed
and Egypt would be stronger.
"While there is a lot of uncertainty over the next weeks and
months ... I have no doubt in my mind that come June
you'll have a new president and all of this ... will be behind
us," he said.