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Spain freezes $45 million in the account of Mubarak associate Hussein Salem

Hussein Salem's assets frozen in Spain: authorities considering extraditing the business tycoon back to Egypt

Ahram Online, Friday 17 Jun 2011
Hussein Salem
Mubarak's ally faces charges of corruption and illicit gain. (Photo AP)
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Spanish authorities have frozen $45 million in the accounts of business tycoon Hussein Salem, according to the New York Times.

Salem, a close confidante of president Mubarak who fled the country on February 3, just days before Mubarak stepped down, was arrested on Wednesday in his house in Majorca.

According to the Times, the authorities have seized real estate valued at $14 million in Madrid and Marbella, a major resort on the Costa del Sol.

Salem has Spanish citizenship, but it is believed that the Spanish authorities are considering requests by the Egyptian authorities to extradite Salem over to Cairo so that he can stand trial on charges of corruption and money laundering.

Arrested along with Salem were his son, Khaled Ismail, and a Tunisian citizen, Ali Even.

Salem is a partner in the East Mediterranean Gas Company (EMG), which has supplied Israel with natural gas since June 2008 and is the owner of a hotel chain in Egypt, the Jolie Ville.  

According to the Israeli Globes publication, Salem sold 12 per cent of EMG to Sam Zell and David Fisher of the US for $2.2 billion. The publication says that after four months he sold another 25 per cent to the Thai national oil company PTT at the value of $2 billion. He currently owns a 28 per cent stake in EMG.

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Ian Portman
18-06-2011 11:24am
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Hussein Salem
Hussein Salem's money laundering has been known to the German authorities for over ten years. They knew of his dubious Credit Suisse accounts. During a scandal over backhanders connected with Salem's project to build a power station near Alexandria it became clear that he was practised in the black financial arts. But the case was not followed up. Business interests triumphed as usual.
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