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Egypt sequestrates assets of former PM

04-07-2011 09:31 BJT

CAIRO, April 6 (Xinhua) -- Egyptian General Prosecutor Abdel Meguid Mahmud ordered Wednesday to sequestrate the assets of former Prime Minister Atef Obeid and some businessmen, state-run MENA news agency reported.

The decision was made in light of the general prosecutor's investigations into the illegal sale of state-owned Asuit Cement Company, which harmed the public interests.

Obeid, who was the prime minister of Egypt from October 1999 to July 2004, resigned amid increasing pressure from the business community demanding more rapid privatization and less state regulation.

Ahmed Nazif, Obeid's successor, is also facing investigation of corruption along with several former ministers.

Editor:Yang Jie |Source: Xinhua

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