Prosecutor sequesters funds of former PM Ebeid: agency

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CAIRO: Egypt’s prosecutor genera; sequestered funds belonging to former Prime Minister Atef Ebeid, MENA said on Wednesday, in line with popular demand for tougher action against figures of the past administration.

The prosecutor’s decision comes amid investigations of squandering public funds, which involves selling state-owned firm Assiut Cement, the official news agency MENA reported.

"This comes as part of investigations into violations made during the sale process of Assiut Cement — owned by the state — at a price below its value … which wasted public funds," Prosecutor’s Spokesman Adel El-Saeed was quoted as saying.

Assiut Cement is the local affiliate of Mexican company Cemex.

The prosecutor’s decision also applies to Mokhtar Khattab, a former minister of public enterprise under Ebeid, and Mohamed el-Danaf, board chairman of the holding company for Metallurgical Industries.

Ebeid, who was banned from travel on Feb. 23, served as prime minister under ousted president Hosni Mubarak from 1999-2004. He resigned amid increasing pressure from the business community demanding more rapid privatization.

Prosecutors have been investigating corruption allegations made against former officials and businessmen connected with the Mubarak administration.

On Friday, thousands of Egyptians demonstrated in central Cairo demanding that Mubarak and his top officials to be put on trial and accused them of corruption and illegal profiteering.

Egypt has been ruled by the Supreme Council of the Armed Forces, led by the defense minister who served under Mubarak.


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