Egypt lifts travel ban on billionaire businessman

Naguib Sawiris, a prominent Egyptian Coptic businessman, returned to Cairo with his family on Friday aboard a private jet from France. The Sawiris’ names were recently removed from a list of banned travellers. Sawaris went into self-imposed exile after President Mohammed Morsi was elected last year. His return follows Orascom Construction Industries' acquittal from tax evasion. Orascom is run by Sawaris' brother Nassef. Having reached a settlement with the Egyptian Tax Authority, Orascom is to pay over seven billion Egyptian pounds in biannual installments ending in 2017. The agreement stipulates a two and a half billion pound payment within the next two weeks, followed by a further 900 million by the end of next year. Sawiris was delighted to regain his homeland, and plans to spend his Easter holidays at El Gouna beach in Hurghada, South Sinai. A presidential envoy greeted the Sawiris with flowers at the airport. Orascom is Egypt’s largest listed company.