CAIRO Egyptian Resorts Co. has removed Ibrahim Kamel, a senior member of ousted President Hosni Mubarak’s party now under detention, from its board of directors.
The company, which is the country’s second largest developer of tourism real estate, did not give a reason for the ouster. However, Kamel is accused of organizing attacks on protestors during Egypt’s February revolution, and he has been arrested and indicted by the ruling military.
Egyptian Resorts has lost nearly half of its value since the start of the year, and analysts do not expect Kamel’s removal to ease pressures on the company’s stock, Reuters reports.
Kamel, who sat on the board representing Kato Investment, which he chairs, will be replaced by another Kato executive, Abdel Monem Attia. Kato has a 12% stake in Egyptian Resorts. Kamel previously served as the chairman of Egyptian Resorts and is the father of the CEO, Mohamed Ibrahim Kamel.