Cairo - Mubasher: The Commercial International Bank (CIB) has negated rumors that one of its employees may have stolen more than EGP 180 million ($10.1 million).

In an official statement issued on Saturday, the bank said that is has completed a thorough internal investigation of the alleged incident, after which it determined that all the transactions in question by the client were correct and no discrepancies were found and that the issue in dispute does not involve the bank or its staff, but rather is a dispute between a single client of CIB and a third party unrelated to the bank.

“Our investigation and review of all documentation and transactions on the personal account in question was meticulous. All documents reviewed by our investigative team were found to be in accordance with internal regulations stipulated by our charters and standard operating procedures. All documents reviewed were found conforming to the directives and regulations of the Central Bank of Egypt. The Client will be notified today to receive the Bank’s official response to his objections,” the statement read.

CIB also said that it will share the results of the investigation with regulatory bodies and will avail all the needed documents for the regulators to verify that the client’s complaint is unfounded, noting that it retains full rights to pursue legal action to defend any and all defamation of its reputation made by any and all individuals or entities.