Fugitive, Spain-based businessman Hussein Salem is nearing a settlement with the Egyptian government by giving up assets predictably worth US$7 billion, his lawyer has revealed.
Tarek Abdel Aziz told Al-Masry Al-Youm he was heading within hours to Spain to agree with his client on the final settlement formula and sign it. He revealed that Egypt’s Illicit Gain Authority had demanded to get back with the negotiations to square one, rather than build on earlier negotiations conducted under former president Mohamed Morsy.
The lawyer said Salem had concluded the appraisal of his Egypt assets, most notably the Movenpick Jolie Ville hotel and the international conference hall that had previously hosted the World Economic Forum.
“The appraisal had been conducted by international houses of expertise,” Abdel Aziz stressed.
Salem, a close ally to former president Hosni Mubarak, fled to Spain following the 25 January revolution and was sentenced to 15 years in another financial corruption trial in Egypt. He is still on trial for corruption related to Egypt’s natural gas deal with Israel.
In 2012, Spain's constitutional court suspended a decision to hand Salem over to Egypt. He had offered half of his wealth in settlement under Morsy’s rule, but backtracked on the proposal following Morsy’s ouster.
Last July, Egypt’s prosecution renewed its request to the interpol to arrest Salem.
Edited translation from Al-Masry Al-Youm
