CAIRO (AP) — Egypt’s state news agency says two of the country’s biggest tycoons have been banned from traveling abroad after the country’s finance minister requested a criminal case be expedited against them for alleged tax evasion.
MENA news agency reported Sunday that the country’s prosecutor has ordered the travel ban for Onsi Sawiris and his son, Nassef. The family manages Orascom Construction Industries, one of the largest employers in the Middle East.
The company allegedly failed to pay roughly $2 billion in taxes from profits on its sale of Orascom Building to France’s Lafarge.
Forbes’ 2012 list of the 40 richest Africans living in Africa says Nassef Sawiris has a net worth of $5.5 billion.
It was not immediately known if they were in Egypt when the travel ban was issued.
Official Wire and AP
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