Egypt sacks former PM Ebeid as Arab Int'l Bank head.
CAIRO: Egypt's cabinet removed former prime minister Atef Ebeid Dr. Atef Muhammad Ebeid (Arabic: عاطف محمد عبيد) (born 14 April, 1932) was the Prime Minister of Egypt from October 1999 to July 2004. on Thursday from his post as chairman of Arab International Bank (AIB), a specialized financial institution exempt from Egyptian banking regulations.
Since a popular uprising toppled president Hosni Mubarak Noun 1. Hosni Mubarak - Egyptian statesman who became president in 1981 after Sadat was assassinated (born in 1929)
Mubarak in February, Egyptian prosecutors have been investigating corruption allegations made against former officials and businessmen connected with his 30 years in power.
Egypt's public prosecutor on Wednesday sequestered funds belonging to Ebeid as part of a probe into alleged squandering of public funds relating to the sale of state-owned Assiut Cement, a local affiliate of Mexican company Cemex, the state news agency MENA reported.
Ebeid, who could not be immediately reached for comment, was banned from travel out of Egypt on Feb. 23, 12 days after Mubarak was forced from office by mass street protests.
Ebeid was premier in 1999-2004. He resigned under increasing pressure from business leaders demanding faster privatization privatization: see nationalization.
Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned .
Bankers say AIB's special status has made it popular with wealthy Egyptians for the discreet services it provides.
When asked to confirm that the cabinet ordered the removal of Ebeid from the AIB helm, cabinet spokesman Magdy Rady said: "Yes". He was responding via text messaging.
The 1974 treaty establishing AIB exempts it from Egypt's bank, credit, foreign exchange and auditing requirements. Its documents and files are immune from judicial, administrative and accounting control and inspection rules, AIB's website says.
The Egyptian and Libyan governments each hold a 38.8 percent stake in AIB. Qatar and Oman also have stakes as does the government-owned Abu Dhabi Investment Authority The Abu Dhabi Investment Authority (ADIA) is one of the biggest government investment authorities in the world, a Sovereign wealth fund. Founded on February 24, 1977 as the first U.A.E. investment company in the capital. .
Daily NewsEgypt 2011
Provided by Syndigate.info an Albawaba.com company