Citadel chairman cleared of corruption charges, Egypt

Citadel chairman cleared of corruption charges, Egypt
Published: 09 June 2011

Citadel Capital chairman Ahmed Heikal returned to Cairo on Sunday after he was cleared of charges relating to a suspicious deal in the privatization of the Helwan Portland Cement Company.

According to the allegations, former prime minister Atef Ebeid was accused of selling the company at a much-reduced price, allowing Heikal to re-sell it for a significant profit.

However, Citadel Capital was able to satisfy prosecutors that neither the company not its chairman were involved in the deal.

The attorney general issued a travel ban on both Heikal and Ebeid in April, as the charges were brought against them. However, Heikal was already out of the country when the ban came into effect.