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Monday, 13 March 2017

ACA arrests banking official for corruption in granting loans through CBE’s SME lending initiative

Head of SME unit at unnamed bank nabbed by top anti-corruption cops: The Administrative Control Authority (ACA), Egypt’s top anti-corruption agency, has reportedly arrested the head of SME banking at an unnamed bank. The individual was arrested along with an unspecified number of accomplices for allegedly accepting a total of EGP 2 mn in bribes to grant loans on falsified paper under the central bank’s SME lending initiative, Al Shorouk reports. The ACA claims borrowers claimed some EGP 25 mn in fraudulently obtained loans from the EGP 200 bn initiative, which offers subsidized interest rates to borrowers.

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