The American Merrill Lynch Investment Bank will soon file a lawsuit against one of its former Egyptian employees, according to Al-Quds Al-Arabi daily. The suit, which will be filed in the British court system, accuses Ashraf Rafea of transferring $65 million to secret bank accounts in Switzerland and the Middle East while working in the London branch of Merrill Lynch.
Rafea, 48, had previously been imprisoned in Egypt for similar embezzlement charges in 1999. Prior to his arrest, he had worked at Merrill Lynch for 12 years. In late 1999, he resigned and returned to Cairo, where he was arrested three month later. –(MENA Report)
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