Egypt Stocks Drop, Corruption Rises

By: AP
By: AP
Egypt saw decreases in the stock market, and corruption among business leaders appears to be growing.

An Egyptian Muslim man walks past a mosque located directly opposite the Saints Church, unseen, in Alexandria, Egypt, Sunday, Jan. 2, 2011


CAIRO (AP) - Egypt's benchmark stock index has fallen more than
3 percent, dragged down by authorities' decision to ban the
chairman of a major private equity firm from travel pending
corruption investigations.

The Egyptian Exchange's EGX30 index closed 3.4 percent down on
Sunday, its weakest close in more than two weeks. Shares of Citadel
Capital, whose chairman Ahmed Heikal was banned from travel on
Thursday by the prosecutor general, shed almost 10 percent to
settle at 4.60 Egyptian pounds, according financial data provider
Zawya.com.

Heikal and former premier Atef Ebeid are the latest in a growing
list of businessmen and former regime officials facing
investigations on allegations ranging from corruption to
profiteering. Heikal has not been officially charged with any
crimes.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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