The chairman of Orascom Telecom Holdings Naguib Sawiris has denied allegations levelled by Italian police that the consurtium he headed was involved in corrupt practices during the acquisition of Italian mobile phone operator Wind SpA.

Last Thursday Italian financial police had announced they were to launch a probe into consultancy fees that were allegedly paid during the purchase of the majority stake in Wind SpA by a consortium led by Naguib Sawiris’ Orsacom Telecom Holding. The probe centres on uncovering whether these consultancy fees amounting to over US$135 million were disguised kickbacks.

In a statement issued on Friday Sawiris strongly denied any allegations of wrong doing. The statement from Sawiris said that "Despite the fact that I haven't been officially notified, I can assure that the sale deal, under investigation, was conducted according to the law and international measures” , it further stressed that “All dealings are documented ... and I am not aware of any violations carried out by any individuals in relation with this deal,”

Majority holdings in Wind SpA were sold in 2005 for US$ 7.25million to Sawiris’ Wind by Weather Investments consortium.

Sawiris who was ranked by Forbes as the 62nd richest man in the world and the richest man in Africa is worth over US$10 billion and heads the Orascom Telecom Holding a spin off from Orascom Conglomerate founded by his father Onsi Sawiris in Egypt in the late 1960s.