Mubarak sons 'sent millions abroad'
Source: Agencies |
October 18, 2011, Tuesday
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Print Edition
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THE two sons of ousted President Hosni Mubarak have an estimated US$340 million in Swiss bank accounts, a senior Egyptian Justice Ministry official said yesterday.
Assem al-Gohary said Swiss authorities are investigating whether one of the sons, Alaa, was involved in money laundering along with other former regime figures.
At home, Mubarak and his sons have been charged with corruption and all three are under arrest. Mubarak is also charged with complicity in the killing of about 850 protesters during the January to February Egyptian uprising.
Rumors circulated during the uprising that Mubarak and his sons amassed tens of billions of dollars in corrupt practices, helping drive the anger that brought him down.
Switzerland has already frozen the assets of the Mubarak family and other former regime figures, which al-Gohary estimated at nearly US$450 million. He said most of those assets belong to the sons.
Egypt's attorney general froze the assets of the former presidential family in the aftermath of 18-day uprising.
Mubarak's youngest son and one-time heir apparent, Gamal, 47, rose rapidly through the ranks of his father's ruling National Democratic Party over the past decade to become the country's most powerful politician. He was surrounded by rich businessmen who sought political careers to promote business interests.
The wealth of 49-year-old Alaa was the subject of much speculation well before the political rise of his younger brother. There are allegations that he used his status to muscle in on profitable enterprises, taking a cut of profits without contributing to the funds invested or work done.
Al-Gohary also said the wealth of Mubarak's chief associate, tycoon Hussein Salem, and his family exceeded US$4 billion. He said Salem and his family have transferred funds overseas in the past six months.
"They transferred assets into cash and deposited it in secret accounts in banks in islands overseas, Hong Kong and the United Arab Emirates," al-Gohary said.
Salem, 77, is co-defendant in the Mubarak corruption trial and faces charges in relation to lucrative land and other deals, including exporting gas to Israel. He is also under arrest.
Mubarak and his sons are accused of accepting five villas worth nearly US$7 million in Sharm el-Sheikh from Salem. In return, Mubarak is said to have used his influence with the governor of South Sinai, which includes Sharm el-Sheikh, to ensure Salem could buy prime real estate in the town at a vastly reduced price to build a resort complex.
Salem and his son were arrested in a wealthy Madrid suburb in June. Spain has frozen 33 million euros (US$47 million) in accounts held by Salem and his relatives.
On his arrest, Salem, one of the most secretive businessmen in Egypt, appeared before two judges - one handling the Spanish money laundering inquiry and another dealing with the international warrant used to arrest him at Egypt's request.
Assem al-Gohary said Swiss authorities are investigating whether one of the sons, Alaa, was involved in money laundering along with other former regime figures.
At home, Mubarak and his sons have been charged with corruption and all three are under arrest. Mubarak is also charged with complicity in the killing of about 850 protesters during the January to February Egyptian uprising.
Rumors circulated during the uprising that Mubarak and his sons amassed tens of billions of dollars in corrupt practices, helping drive the anger that brought him down.
Switzerland has already frozen the assets of the Mubarak family and other former regime figures, which al-Gohary estimated at nearly US$450 million. He said most of those assets belong to the sons.
Egypt's attorney general froze the assets of the former presidential family in the aftermath of 18-day uprising.
Mubarak's youngest son and one-time heir apparent, Gamal, 47, rose rapidly through the ranks of his father's ruling National Democratic Party over the past decade to become the country's most powerful politician. He was surrounded by rich businessmen who sought political careers to promote business interests.
The wealth of 49-year-old Alaa was the subject of much speculation well before the political rise of his younger brother. There are allegations that he used his status to muscle in on profitable enterprises, taking a cut of profits without contributing to the funds invested or work done.
Al-Gohary also said the wealth of Mubarak's chief associate, tycoon Hussein Salem, and his family exceeded US$4 billion. He said Salem and his family have transferred funds overseas in the past six months.
"They transferred assets into cash and deposited it in secret accounts in banks in islands overseas, Hong Kong and the United Arab Emirates," al-Gohary said.
Salem, 77, is co-defendant in the Mubarak corruption trial and faces charges in relation to lucrative land and other deals, including exporting gas to Israel. He is also under arrest.
Mubarak and his sons are accused of accepting five villas worth nearly US$7 million in Sharm el-Sheikh from Salem. In return, Mubarak is said to have used his influence with the governor of South Sinai, which includes Sharm el-Sheikh, to ensure Salem could buy prime real estate in the town at a vastly reduced price to build a resort complex.
Salem and his son were arrested in a wealthy Madrid suburb in June. Spain has frozen 33 million euros (US$47 million) in accounts held by Salem and his relatives.
On his arrest, Salem, one of the most secretive businessmen in Egypt, appeared before two judges - one handling the Spanish money laundering inquiry and another dealing with the international warrant used to arrest him at Egypt's request.
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