Friday, 28 June 2013

Egypt: Mubarak fortune

In a bid to prevent any relaxation of the detention orders on the former president and members of his family, Mahmoud al-Hefnawy from the prosecutor general's technical office has said that the Mubarak family amassed a LE9 billion fortune during the former president's 30-year rule. Hefnawy said that evidence from the Administrative Control Authority, the Illicit Gains Authority and the Central Auditing Organisation all showed that Mubarak, his wife Susan Thabet, his sons Alaa and Gamal and their wives Heidi Rasekh and Khadiga al-Gammal all benefited financially from office.
He said that the figure included LE3 billion in cash, LE5 billion in stocks and shares and LE1 billion in real estate.
Hefnawy also submitted a Central Auditing Organisation report which states that five villas owned by the Mubaraks in Sharm El-Sheikh were paid for in full by a company owned by fugitive businessman Hussein Salem.
There was better fortune from the courts for one of Mubarak's last prime ministers, Ahmed Nazif. The Public Funds Prosecution ordered his release from charges of obtaining illegal gifts under the former regime. Al-Ahram reported that Nazif submitted documents to the prosecution proving that he had returned the money - about LE58,000 - to the state. However, he still faces other charges of making illicit gains from his position.
For more news and expert analysis about Egypt, please see Egypt Politics & Security.
© 2013 Menas Associates

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