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.
The Republican billionaire's arrival caps an extraordinary and improbable run for the White House that, once he takes the reins from President Barack Obama at noon Friday, will launch the United States into new and uncharted waters.
Police fired rubber bullets and tear gas to try to separate two groups of inmates as they fought a pitched battled in the courtyard of the Alcacuz prison, AFP reporters overlooking the facility saw.
Adama Barrow calls on fellow citizens and army to work towards national 'reconciliation' after recent political crisis
Meetings conducted in a positive spirit, participants agreed not to disclose details about their discussions, UN says
Raid and arrests come after army accusing Premium Times of 'publishing falsehood against its operations and chief'
"I will use sanctions to the maximum amount of the law," Mnuchin says
Angelino Alfano, on a one-day visit to Tunis, met with his counterpart Khemaies Jhinaoui and President Beji Caid Essebsi and promised closer relations between the two Mediterranean nations.
Turkey extends condolences to 'friend and ally' Italy
"It's true that during the period of the presidency of Mr. Obama our relations seriously worsened on all levels," President Vladimir Putin's spokesman Dmitry Peskov said on Obama's last full working day as US leader before Donald Trump is sworn in Friday.
Staffan de Mistura will lead the UN delegation to the meetings in the Kazakh capital of Astana that are due to begin on Monday.
May sought to reassure guests at the World Economic Forum in Davos that Brexit did not signal a retreat into protectionism, as a slew of banks revealed plans to relocate staff following her announcement on Tuesday that Britain would leave the single market.
Voicing deep concerns about the development, Stoltenberg said cyber defence will play a key role at the next NATO summit.
Rebels had escaped from Bihanga military training school after being given asylum in Uganda in 2013
Border towns show no resistance to troops, meant to force strongman president to step down peacefully after diplomacy failed
The head of Iraq's elite Counter-Terror Service, which has been doing most of the fighting in Mosul, as well as Prime Minister Haider al-Abadi announced Wednesday that the city's east bank had been "liberated".
Interstate Aviation Committee will analyze flight recorders of cargo plane that crashes Monday near Kyrgyz capital