El-Okdah Does Not Face Graft Charges: CBE

The Central Bank of Egypt (CBE) denies what was published in some online websites that Farouk El-Okdah and Gamal Mubarak were reported to sell Egypt’s debts and that Farouk Hosny faces charges of covering Gamal Muabarak and others regarding selling bonds owed by Egypt during the period from 1986 to 1993.

CBE said in a statement today that Farouk El-Okdah was not in Egypt in this period as he returned to the country to hold the National Bank of Egypt’s chairman position in January 2003 and then became CBE’s governor in December 2003.

CBE called on the websites and newspapers to be accurate in publishing the news.