Egypt: Reconciliation With Mubarak-Era Tycoon to Be Reached – Judicial Sources

By Aswat Masriya

Cairo – A judicial source said on Friday that the Egyptian government is close to reaching a final settlement for reconciliation with fugitive businessman Hussein Salem, who was known for being a close associate of ousted president Hosni Mubarak.

The source said that the final settlement will be announced within days, adding that it has taken a long time because of the “intervention” of various parties in the negotiation process, but it will be announced within days.

Last May, a Cairo court upheld a decision to confiscate the funds of Salem, along with the funds of Mubarak-era petroleum minister Sameh Fahmy.

The decision included Salem’s wife as well as Fahmy’s wife and children, all of whom could no longer dispose of their funds, whether in the form of money or real estate.

According to the judicial source who spoke to Aswat Masriya, the General Department of Public Funds Crimes police had to survey Salem’s property again. He added “Sovereign apparatuses in the state had a large role in the final settlement for the reconciliation.”

The initial seizure of their funds came amid an investigation prosecutors are conducting to look into accusations of intentional graft carried out in between a petroleum company represented by Salem and an electricity company which Salem chaired.

The court said there was enough evidence to seize the funds until the investigation is complete.

Previously, Egypt’s top prosecutor had ordered that the funds of those facing the investigation be confiscated.

Salem and Fahmy appealed the former decision to seize their funds, but the appeal was rejected.

Salem had fled Egypt to Spain after being charged of wasting public money in the wake of the 2011 Uprising, which led to the ouster of Mubarak.

Salem faced several cases for profiteering from his relation with Mubarak, the illegal acquisition of land in Luxor and charges related to exporting gas to Israel.

He was acquitted of the charge of exporting gas to Israel below market prices, in February 2014.

Source: All Africa