Egypt's public prosecutor has ordered a travel ban on the chairman of private equity firm Citadel Capital, Ahmed Heikal, and former Prime Minister Atef Obeid over corruption allegations, the state news agency MENA reported on Thursday. The travel ban was ordered in relation to allegations over the wasting of public funds, MENA reported citing a spokesman for the public prosecutor.
"The public prosecutor decided today to insert the name of Atef Obeid, the former prime minister, and Ahmed Heikal, the owner of Citadel Capital, relating to facts that the former facilitated the latter from embezzlement of public money and profiteering," said a statement from the public prosecution.
The statement, entitled "Public Prosecutor Orders Travel Ban on Obeid and Heikal," also said the prosecution is continuing investigations on a case in which Obeid cheaply sold a cement firm to Heikal, who then resold it at a higher price to foreign investors. Citadel, in a statement, denied the comments made by the public prosecutor's office and its spokesman.
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