World Bulletin / News Desk
Egyptian authorities have barred the chief executive of Orascom Construction Industries , one of the country's biggest companies, from leaving the country as part of an investigation into tax evasion, state media said on Sunday.
The public prosecutor ordered that OCI CEO Nassef Sawiris and his father Onsi Sawiris be barred from travel, the state news agency MENA said.
The order from the public prosecutor is part of an investigation into accusations they evaded about 14 billion Egyptian pounds ($2.1 billion) of taxes during the sale of Orascom Building, an OCI subsidiary, to French firm Lafarge , MENA said.
Reuters could not reach either Sawiris for comment, and an official from Orascom was not immediately available.
A banker and friend of the family said the men were out of the country. Under the order, they would be detained on arrival if they returned.
A lawyer for OCI, Hani Sarie el-Din, told state-owned newspaper Al-Ahram he was "surprised" by the decision.
Negotiations about the taxes from the deal were continuing, the paper's website quoted him as saying. "There was nothing suggesting a dead end in the negotiations."
Last week an official said the government was holding talks with OCI to dissuade it from delisting from the local stock exchange.
Last January the Dutch-listed parent, fertilizer and construction firm OCI NV announced an offer to acquire the ordinary shares of its Egyptian-listed subsidiary.
The Egyptian Financial Supervisory Authority (EFSA) asked last month for more information on the offer, a move that could delay completion of the deal under which some U.S. investors including Bill Gates would pay shareholders who choose to sell their ordinary, Egyptian-listed shares.
Angela Merkel has convened her security council over the Munich shootings
Irish leaders have come together to urge the borders to remain open despite the UK voting to leave the EU
Clinton says Virginia senator is 'a man who's devoted his life to fighting for others'
Turkish President Erdogan has for years strengthened his relationship with the masses and with people's trust in him enabled the coup to be around in only a few hours
Despite Israel illegally occupying the land of Palestine, a small group of Palestinian villages living in the hills of al-Khalili may also be forced to leave their homeland because of Israeli claims of living on an "archaeological site"'
Tighter rules and a blacklist of tax havens will be set up to crack down on multinational companies
Nearly 1,000 athletes from 36 countries will compete in the first Down Syndrome Olympics
In latest sign of normalizing ties, Russian PM announces resumption of economic, trade relations
Community leader says concrete evidence, transparency needed to ensure citizens are spared unlawful persecution
Libya has made moves, with the backing of the UN to get rid of its chemical weapons
Hundreds of refugees set off on foot Friday toward Serbia's border with Hungary to protest its decision to keep its border closed for most people trying to reach the European Union.
Former KKK leader David Duke has launched a bid for the US senate
A shooting rampage at a busy shopping centre in Munich, which killed at least nine people, was carried out by a sole attacker, who then shot himself dead, German police said early on Saturday.
Easing of border restrictions, checkpoints sees large influx of people fleeing fighting in Juba
Unanimous decision dismisses a government ban as 'discriminatory and an infringement on the constitutional rights'
Iraqi forces hope to secure areas surrounding Mosul before mounting offensive aimed at retaking city from extremist group