EFG-Hermes Says Officials’ Asset Freeze Decree Unlikely To Affect Its Businesses

EFG-Hermes Holding (HRHO.CA) said the Egyptian prosecutor general’s decree on freezing assets of its chief executives Hassan Heikal and Yasser El-Mallawany is not related to the firm’s funds or assets and will not affect the progress of its operations, equities, assets or liabilities.

The Prosecutor General Talaat Abdullah ordered late Sunday the freezing of assets of 23 businessmen involved in stock market manipulation in the case of Al Watany Bank of Egypt (AWB).

EFG-Hermes further noted that  prosecutor general’s decree is integrally related to the legal action of Al Watany Bank of Egypt (AWB).