Friday, April 14, 2006

Shipping: Egyptian disaster ferry owner has assets frozen

Egyptian state news agency MENA, reports that an Egyptian prosecutor has frozen the assets of the businessman who owned the ferry which sank in the Red Sea in February with the loss of more than 1,000 lives.

Socialist Prosecutor Gaber Reihan, said he was freezing the assets of Mamdouh Ismail because a report on the ferry disaster showed he committed serious violations of safety regulations.

Ismail, owner of the ferry Salam 98 and a fleet of other Red Sea ferries, has already been stripped of his immunity as a member of the Shura Council or upper house of parliament.

The assets freeze also applies to members of his family