AIB said no order to freeze assets

The Central Bank of Egypt Cairo – Mohammed Salah Libyan investments in Egypt are directly related to the family of former Libyan President Muammar Gaddafi, a senior official said. Head of the Egyptian-Libya businessmen Society Nasser Bayan said 90 percent of the investments, totalling $1.5 billion and being managed by Gaddafi’s cousin Ahmed Gaddaf Dam, are in the Arab International Bank (AIB) headed by Mohammed Abdel Gawad. Gawad is included in a most wanted list for his involvement with Gaddafi’s regime in Egypt.
Chairman of AIB Mohammed Abdel Gawad denied receiving any official demands to freeze the assets of Gaddafi’s aides.  He said he could not reveal any information on the accounts of a client, even if he is related to Gaddafi’s regime without an official warrant.
The head of the Federation of Egyptian Banks Tarek Amer denied any transactions or balances belonging to Gaddafi in the Egyptian banks. Until a few months ago the AIB had not been subject, since its foundation in the seventies, to the Central Bank or any other supervisory body in Egypt.
Nasser Bayan added that the remaining percentage of Libyan investments in Egypt is distributed on tourism, real estate, oil and agriculture sectors.