Reuters: Regulatory News: Egypt bans OCI chief from leaving country-state media

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Egypt bans OCI chief from leaving country-state media Mar 3rd 2013, 17:57 CAIRO, March 3 | Sun Mar 3, 2013 12:57pm EST CAIRO, March 3 (Reuters) - Egyptian authorities have banned the chief executive of Orascom Construction Industries , one of the country's biggest companies, from leaving the country as part of an investigation into tax evasion, state media said on Sunday. The public prosecutor ordered that OCI chief executive Nassef Sawiris and his father Onsi Sawiris be banned from travel, the state news agency MENA said. The order from the public prosecutor is part of an investigation into accusations they evaded about 14 billion Egyptian pounds ($2.1 billion) of taxes during the sale of Orascom Building, an OCI subsidiary, to French firm Lafarge , MENA said. Reuters could not reach either for comment and an official from Orascom was not immediately available. It was not immediately clear if either Sawiris was in Egypt. If they are not, they would be detained on arrival under the order.

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