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Egyptian court annuls asset freeze on Mubarak-era tycoon Hussein Salem

Ahram Online , Tuesday 14 Feb 2017
Egypt
Egypt's Businessman Hussein Salem (Reuters)
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An Egyptian court has annulled a decision to freeze the assets of Mubarak-era business tycoon Hussein Salem and his family, after Salem was reconciled with the government last year and a corruption case against him dropped last week.
 
On Thursday a criminal court dismissed corruption charges against Salem and former agriculture minister Youssef Wali, Al-Ahram Arabic reported.
 
The former minister was accused of selling 36 acres of land on Bayadeya island in the governorate of Luxor to Salem while he was in office for an undervalued price.
 
The prosecution had alleged that more than EGP 700 million of public funds were squandered in the case.
 
A number of other businessmen were also defendants in the case, which was dismissed by a Giza criminal court.
 
Salem, 82, fled to Spain shortly after Egypt’s 2011 revolution, which 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.
 
In his reconciliation deal with the Egyptian government in 2016 the businessman tycoon and his family gave up EGP 5.3 billion, reportedly 75 percent of their wealth, including the Bayadeya island lands.
 
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