EFG-Hermes: Chief executive has not fled Egypt

Egyptian investment bank EFG-Hermes has moved to quash rumours over the flight of its chief executive, Yasser El-Mallawany, saying he is present at company headquarters in Cairo and carrying out his normal duties.
Rumours circulated over the weekend on social media site Twitter, claiming El-Mallawany had fled Egypt following the air of a TV programme that linked him to the controversial business activities of Gamal Mubarak.

The youngest son of Egypt's deposed president, Gamal Mubarak is currently standing trial on corruption charges.

EFG-Hermes sent a statement to Egypt's stock exchange on Sunday in which it said "rumours circulated in the media are unfounded" and that the company was considering taking legal action.

El-Malawany was out of Egypt last week, accompanying Egypt's Minister of Finance, Hazem El-Beblawi, to Washington DC to attend autumn meeings of the International Monetary Fund and the World Bank.