NNA - Central Bank Governor, Karim Said, on Thursday announced the launch of legal and judicial measures targeting anyone proven to have embezzled or misused central bank funds, actions that led to the depletion of the bank’s assets, as well as those who violated the central bank’s circulars.

Speaking at a press conference, Said said the measures aim to recover misappropriated or wasted funds, stressing that any recovered amounts would constitute liquidity to repay depositors’ money, describing this as a financial, institutional, and legal obligation to be carried out with full transparency.

Said revealed that the central bank has filed a complaint against a former official and another individual accused of siphoning funds through four shell companies, leading to illicit enrichment. The bank has also taken legal action against the company "Fawri" for collecting fees on interbank exchange operations that should have been returned to the central bank.

Moreover, Said added that preparations are under way to pursue further legal action against additional entities, including a company, whose name he withheld, that benefited from an advisory account at the central bank to transfer large sums.

He finally noted that the central bank is preparing a comprehensive report to identify and assess all funds placed at the disposal of previous governments until 2023, or paid by the bank on their behalf, in order to determine amounts and legal grounds for recovery. He also confirmed cooperation with international investigators and firms to recover funds abroad that were misappropriated through companies, officials, and individuals who colluded against the bank’s assets.