Egypt: Bank manager flees with $10m from bank coffers

An Egyptian bank manager has fled the country with 180 million Egyptian pounds ($10 million) from client accounts.

Some 100 million pounds of the International Commercial Bank’s (CIB) funds reportedly belonged to a number of owners of vehicle shops and maintenance centres in the coastal city of Alexandria.

In an official statement today, the CIB management confirmed that it has received a complaint from one of its customers in Alexandria who claimed to have found “major” discrepancies in his account balance.

The bank, the statement explained, was currently taking all the necessary procedures to review all the branch’s operations to locate the perpetrator. “We have informed the Central Bank of Egypt about the case,” CIB added.

The banks has not yet provided any details about the ongoing investigation.

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