Back to the complete issue
Tuesday, 18 May 2021

Last Night’s Talk Shows: Ashraf Al Saad’s trip down Financial Wrongdoing Lane

It was another relatively quiet night on the airwaves last night, save for Ashraf Al Saad’s sitdown with Ala Mas’oleety’s Ahmed Moussa to recount his tale.

A throwback to when Islamist pyramid schemes were a thing: Fleeing Egypt to London when faced with charges of financial wrongdoing was “the biggest mistake of his life” because he was proven innocent, claimed Al Saad, whose name is typically mentioned with Al Rayyan and El Sherif as among the highest-profile Islamist Ponzi schemes of the 1980s. He denied having committed fraud and said that his company, Al Saad Investment Group, never failed to repay investors. He did admit that he exploited the Islamist finance wave in Egypt in the 1980s and 1990s to attract money to his company (watch, runtime: 13:24). Al Saad still has assets in Egypt that he’s looking to recover, but expects it will be a lengthy process to prove his rightful ownership (watch, runtime: 11:11).

ALSO ON THE AIRWAVES- The first three wounded Palestinians from Gaza, including a five-year-old child, arrived at Egypt’s Rafah border crossing yesterday, pending procedures for their admission to North Sinai’s El Arish General Hospital for treatment, Masrawy reports. The Health Ministry has shipped some 65 tonnes of meds and medical equipment to Gaza, in addition to preparing a total of 11 hospitals in North Sinai, Ismailia, and Cairo to treat Palestinians passing through Rafah, according to a statement. Ministry spokesperson Khaled Megahed recapped these measures in a phone-in to Extra News (watch, runtime: 6:35).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.