July 21, 2009
Egypt's GAFTA chief executive resigns
The Chief Executive of grain trading company Egyptian Traders Co., who is currently under criminal investigation in Egypt, has resigned as President of the Grain and Feed Trade Association, a person close to GAFTA told Dow Jones Newswires Monday (July 20).
Ashraf El Attal was unavailable for comment although a member of Egyptian Traders' staff in Cairo confirmed his resignation from GAFTA.
GAFTA, a global grains industry body, declined to comment.
The voluntary resignation of GAFTA's president is due to an ongoing criminal investigation being conducted by Egypt's state prosecutor into Attal's company Egyptian Traders, the person close to GAFTA said.
GAFTA's deputy president Roberto Rocco will be "president in function" until the trade association's next council meeting in October, the person said.
The presidency is usually rotated on an annual basis with the next election due in January 2010. However, due to Attal's resignation, GAFTA now plans to hold the election in October, the person said.
