Statement From The Egyptian Financial Supervisory Authority

An article claiming that the Public Prosecutor has subpoenaed EGX Chairman, Maged Shawky, and Dr. Ziad Bahaa El-Din, Head of the Egyptian Financial Supervisory Authority, to testify in ongoing investigations triggered by a formal complaint filed by a group of investors, appeared yesterday, July 13, 2010, on the front page of the daily “Al-Masry Al-Yom” newspaper.

The newspaper in question also sent a mass news alert via its SMS service breaking the aforementioned headline. The newspaper then sent another SMS to withdraw its claims stating that, “neither Maged Shawky nor Ziad Bahaa El-Din have been subpoenaed for questioning”.

The false headline and distorted news were then announced and printed on many major international news agencies, satellite channels, and news bulletins. Taking great offense from the statements and their exceedingly negative impact on a prominent monitory body, the head of EFSA wanted to highlight the following:

Until the very moment in which this statement is being written, there was not a single attempt from the public prosecutor to contact, address, or question, both Maged Shawky or Ziad Bahaa El-Din. In fact, had that occurred, testifying in front of a governmental entity in order to uphold the rule of law in any issue or matter is a civic responsibility and in no way should it be regarded or considered a detrimental condition. It is the circulation of false news causing libel and defamation that should be unacceptable.
The right to file a complaint to the public prosecutor is granted to every citizen by Law, and the public prosecutor in turn, has the right to call the persons in question for questioning. However, no calls or questions have been officially made but in the event that they are, the Egyptian Financial Supervisory Authority will respond with pleasure.
The Egyptian Financial Supervisory Authority appreciates the correction made by the newspaper yesterday on its News SMS Service, but Dr. Ziad Bahaa El-Din will uphold his legal right of denying the false news published in the varying media.