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For the first time on TV: The Mubaraks' wealth and business connections revealed

Yosri Fouda untangles the Mubarak clan's complex web of nepotism and corruption going back decades to Hosni Mubarak's time as vice-president

Zeinab El Gundy, Wednesday 28 Sep 2011
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Views: 3394

For the first time since the Egyptian Revolution, a TV show in Egypt has presented a detailed analysis, with names and dates, of the Mubarak clan’s business interests.  

Famous TV host, Yosri Fouda, has presented a series of programmes on his ‘Last Talk’ show on ONTV about the Mubaraks' wealth and business connections, in Egypt and abroad, and information about how to restore this wealth to Egypt through legal means.

Unlike other TV shows that have tackled the matter in a general way, the show has revealed in detail the Mubaraks’ business relations, starting with Mubarak's partnership with Hussein Salem in the late 1970s when he was vice president, through to the companies of Alaa and Gamal Mubarak in Cyprus in late 2010.  

The complex web of relations included businessmen like Ahmed and Hassan Heikal, Magdy Rasekh, and big companies like EFG-Hermes and SODIC.

The shows are expected to create a strong reaction in the Egypt and could affect the stock prices of the companies mentioned.

On 16 February 2011, days after Mubarak stepped down, SODIC issued an official statement claiming Alaa Mubarak did not own shares in the company, despite the fact that Magdy Rasekh, his father-in-law, was the company chairman, and there are reports the company used the connection to acquire large areas of land in 6th October at knockdown prices.

EFG-Hermes issued an official statement on 17 February 2011 saying Gamal Mubarak didn't own shares in EFG-Hermes itself but rather had some ownership stakes in its subsidiary, EFG-Hermes Private Equity, the company he owned in 1996 before embarking upon his political career.

The former president has denied having foreign banks accounts or business connections and partnerships with Hussein Salem. The military prosecution is currently investigating allegations about an arms deal between the two men.

 

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