Mubaraks have 40 villas and LE1 bln in Egyptian banks, Illicit Gains Authority reveals

Al-Masry Al-Youm has obtained details of the investigations conducted by the Illicit Gains Authority (IGA) into the wealth of Mubarak, his wife Suzanne, his two sons, Alaa and Gamal, and their wives Heidi Rasekh and Khadiga al-Gammal, which confirmed that they have 40 villas, more than US$147 million in an account that Mubarak can deposit into or withdraw from, LE140 million in an account belonging to Alaa, and LE100 million in an account for Gamal.

Investigations have suggested that Alaa and his wife are the richest, followed by his brother and his wife, his mother, and finally the former president.

They have also revealed that Mubarak’s pension, his medals and the privileges he enjoyed for 30 years were accurately reflected on his income statement.

Alaa was found to have manipulated the stock exchange with the help of its former directors, of whom one made him a profit of LE30 million in just one week, which means he has exploited his father’s position for illicit gains. He has also reaped millions of dollars from his company Golden that he established abroad, and his investment funds, known as Horus 1, 2 and 3.

Alaa owns a poultry farm on an area of 27 acres, which used to generate an income of LE25,000 that rose to LE140 million in seven years. The source of this drastically increased income is unknown.

IGA President Assem al-Gohary said all investigations have been completed. “We await the final reports of our analysts to refer the matter to the criminal court,” he said.

He added that investigations revealed Alaa and Gamal used their father’s position to secure hundreds of millions in cash, luxury cars, land and villas in Sharm el-Sheikh, Cairo, on the Ismailia Desert Road, in Ismailia and on the Alexandria Desert Road.

They also have US$352.5 million in Switzerland, which is more than LE2 billion, and shares in companies in Cyprus, London and the United States, and have syphoned money abroad through off-shore companies, which IGA representatives are trying to repatriate.

They are accused of making over half a billion pounds in the sale of Al-Watany Bank.

Gohary also said that the Swiss judiciary agreed to consider Egypt a party to the trial of Alaa and Gamal in charges of money laundering, and allowed the law firm that is representing the Egyptian government in the case access to the Swiss investigations. “The IGA will announce the names of those involved in the case,” he said.

He said Egypt awaits the decision of the Spanish Constitutional Court to hand over fugitive business tycoon Hussein Salem, who has Spanish citizenship, his son and his daughter to be tried in Egypt, provided they do not get life imprisonment or the death penalty.

Egypt had signed an agreement with Spain allowing Spanish citizens convicted in Egypt to serve their sentences in Spain.

“The Spanish judiciary was reassured that trials in Egypt are fair and not political when Salem was recently acquitted of charges of granting five villas to Mubarak and his two sons,” he said.

Salem faces charges of money laundering and selling gas to Israel, a case in which former Petroleum Minister Sameh Fahmy and other ministry leaders are also accused.

Edited translation from Al-Masry Al-Youm

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