Egypt requests unfreezing of Hussein Salem's assets abroad following reconcilation

Ahram Online , Tuesday 23 Aug 2016

Egypt's Businessman Hussein Salem (Reuters)

Egypt's prosecutor-general sent on Tuesday a request to judicial authorities in three countries to unfreeze the assets and funds abroad of once-fugitive Egyptian business tycoon Hussein Salem and his family following a final reconciliation with the Egyptian government.

In an official statement by the prosecutor-general's office, top prosecutor Nabil Sadek – who is also the chief of a national committee to retrieve funds and assets abroad – sent the official requests to Switzerland, Spain and Hong Kong after the business mogul gave up EGP 5.3 billion (approx. $596.5 million) to the government.

This figure accounts for 75 percent of his assets inside and outside Egypt, Adel Al-Sayed, a justice ministry aide for the Illicit Gains Authority, told reporters last week.

Sadek also sent a request that Interpol remove the names of the businessman and his family from the "red notice," as well as the removal of their names from the arrival-watching lists.

Salem, 82, fled to Spain shortly after Egypt’s 2011 uprising that overthrew long-time president Hosni Mubarak. He has received two jail terms in absentia over corruption charges including squandering public funds, profiteering and money laundering.

Salem was a major shareholder in East Mediterranean Gas, which exported gas to Israel.

Short link: