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.
al Shabaab claimed responsibility for a car bomb attack on a restaurant in the Somali
The head of the Eurogroup, Jeroen Dijsselbloem expects Greece and its creditors to strike a new deal in the coming weeks Eurogroup’s president Jeroen Dijsselbloem
Amnesty International on Tuesday called for Mohamed Mursi to be retried in a civilian court or to be released
According to a leading member of Hamas movement, Rami Hamdallah will visit the Gaza Strip late April.
Russian president due to visit Yerevan on Friday to participate in April 24 "Armenian genocide" commemorative events, Kremlin says.
Macedonian Interior Ministry official Ivo Kotevski told a news conference that the gunmen said they were part of the guerrilla Kosovo Liberation Army (KLA).
US paratroopers have started training national guard units in Ukraine, despite Moscow’s warnings that it could destabilise the peace process with Russia-backed rebels in the east of the country.
The idea of putting Tsarnaev to death is controversial in Boston. Massachusetts state law does not allow for capital punishment
At least 10 people killed in car bomb attack on Somali restaurant, death toll expected to rise.
Ethiopia's government has declared three days of mourning after confirming that many Ethiopians held captive in Libya were killed by ISIL armed group.
Dmitry Medvedev said on Tuesday he expected the economy to suffer further this year
Winners of the 2015 Pulitzer Prizes, the most prestigious American journalism awards, were announced in New York.
President of Kurdish Regional Government says constitutional and presidential elections necessary.
Baltimore police vowed on Monday to make a full and swift probe of the death of a black suspect who suffered spinal injuries after white officers arrested him
Ahmed al-Saqqa, 19, was working in a smuggling tunnel when he was electrocuted, Health Ministry spokesman Ashraf al-Qodra said in a statement.
Last month, a pilot counter terrorism programme launched and testing in Los Angeles, Minneapolis, Boston.