De­ten­tion of Saleh Kamel does not im­pact Al Baraka Bank Egypt

The Daily News Egypt - - Front Page - By Hos­sam Mounir

Ashraf Ahmed Mustafa El-Gham­rawy, CEO and man­ag­ing di­rec­tor of Al Baraka Bank - Egypt, said that the bank’s ac­tiv­ity was not im­pacted by the de­ci­sion to ap­pre­hend the Saudi busi­ness­man Saleh Kamel, who is the chair­man and founder of the Dal­lah al Baraka Group (DBHC). The group is the main share­holder of Al Baraka Bank - Egypt.

El-Gham­rawy told Daily News Egypt that the bank is an Egyp­tian share­hold­ing com­pany. It is reg­u­lated by the Cen­tral Bank of Egypt (CBE) and is listed on the Egyp­tian Stock Ex­change (EGX). It also ap­plies the gover­nance stan­dards that sep­a­rate the own­er­ship and man­age­ment of the in­sti­tu­tion.

The anti-cor­rup­tion com­mit­tee set up by Saudi King Sal­man bin Ab­dul Aziz on Satur­day de­tained a num­ber of Saudi princes, for­mer min­is­ters, and busi­ness­men, in­clud­ing busi­ness­man Saleh Kamel, for ques­tion­ing on cor­rup­tion charges.

Ac­cord­ing to El-Gham­rawy, busi­ness­man Saleh Kamel does not con­trib­ute di­rectly to Al Baraka Bank - Egypt, nor is he a mem­ber of the board of di­rec­tors of the bank. There­fore, what hap­pens with him in Saudi-Ara­bia will have no ef­fect on the bank’s per­for­mance in Egypt.

The au­tho­rised cap­i­tal of Al Baraka Bank - Egypt is EGP 2bn, while the is­sued and paid-up cap­i­tal amounts to EGP 1.10134bn that is dis­trib­uted across 157.33 mil­lion shares with a nom­i­nal value of EGP 7 per share.

The main con­trib­u­tors in the bank’s cap­i­tal in­clude the Bahraini Al Baraka Bank­ing Group with 73.68% of the cap­i­tal, Misr In­surance with 4.5%, Misr Life In­surance Com­pany with 5.25%, Dal­lah for Real Estate In­vest­ments with 3.81%, the Qatari Zad Hold­ing Com­pany S.A.Q with 2.56%, AlGabr Co. for Rial­stat In­vest­ment with 1.09%, Mohsen Badr Ali Kh­lafal­lah with 1.15%,Egyp­tian in­vestors with 6.55%, and other in­vestors with 1.41%.

The EGX has sus­pended trad­ing on the bank’s shares on Sun­day for 15 min­utes, af­ter it dropped 6%.Trad­ing was later re­sumed.

El-Gham­rawy pointed out that the man­age­ment of the bank no­ti­fied the EGX that there is no di­rect link be­tween the Saudi busi­ness­man and the bank.

El-Gham­rawi also ex­plained that the bank is not of­fi­cially aware of what was pub­lished in the me­dia re­gard­ing the sus­pen­sion of the Saudi busi­ness­man, and that he is not a mem­ber of the board of di­rec­tors. There­fore, there is no im­pact on the bank, what­ever the cur­rent events in Saudi Ara­bia.

Saudi busi­ness­man Saleh Kamel, the chair­man and founder of the Dal­lah al Baraka Group (DBHC)

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