Egypt : Egypt's Olympic denies ex-CEO given travel ban
on 2011/6/14 17:44:21
Egypt

20110614
Reuters
CAIRO (Reuters) - Egyptian appliance maker Olympic Group on Tuesday denied a report that its former chief executive was banned from travel pending questioning over the acquisition of a state firm more than a decade ago.

Olympic Group, set to be acquired by Sweden's Electrolux, paid 315 million Egyptian pounds for state-owned company Ideal in 1997, the company said.

Newspaper al-Masry al-Youm reported that Egypt's attorney general had banned a leading Olympic shareholder and former chief executive, Saad el-Din Salama, from travel as he looks into the deal.

"I can very comfortably tell you that this is wrong," Olympic Chief Financial Officer Hossam Mestikawi told Reuters.
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