Egypt has frozen the assets of23 businessmen pending investigations into alleged stock market manipulation during the sale of Egypt’s Al-Watany Bank to Kuwait’s biggest lender in 2007, a source in the public prosecutor’s office said on Monday.
Egyptian state media said the businessmen included five Saudis and two from the United Arab Emirates, as well as employees of a number of banks and the Egyptian stock exchange.
The source confirmed a report by state newspaper Al-Ahram which said on its website that the decision was taken, “pending investigations being conducted by the public prosecutor regarding them [the businessmen] in the case of manipulation of stock market funds, and participating in profiteering in regard to the sale of Al-Watany Bank of Egypt to National Bank of Kuwait.”
NBK, Kuwait’s biggest bank by assets, bought Al-Watany in2007.
No one at NBK was immediately available for comment.