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Egypt gov't to discuss directing Muslim Brotherhood funds to public coffers

Committee handling confiscated Muslim Brotherhood assets proposes offsetting state losses with the frozen funds

Ahram Online, Monday 21 Oct 2013
Muslim Brotherhood headquarters
An Egyptian protester ransacks the Muslim Brotherhood headquarters in the Muqatam district in Cairo, Monday, July 1, 2013 (Photo: AP)
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Egypt's recently-formed committee to handle Muslim Brotherhood funds confiscated after the group's banning will discuss adding the group's assets to the public coffers at its first meeting next week, Al-Ahram's Arabic website reported on Monday.

The proposal to direct confiscated Muslim Brotherhood funds to the state treasury is intended to offset some LE400 million in state losses following the July ouster of former president Mohamed Morsi, who hails from the now-banned group.

According to committee head Ezzat Khamis, the committee's initial inventory of Muslim Brotherhood-owned properties and bank accounts amounts to over one billion Egyptian pounds, Al-Ahram reported.

The Muslim Brotherhood properties include 15 private schools, which will be placed under the education ministry's management.

Committee members representing Egypt's interior ministry and illicit gains authority will be tasked with conducting a more precise survey of Muslim Brotherhood assets, which may unveil additional properties, Khamis added.

Muslim Brotherhood official sources were not available for comment.

Egyptian authorities launched a crackdown against the Muslim Brotherhood following Morsi's removal on 3 July, arresting hundreds of the group's top and mid-level members

On 23 September, the Cairo Court for Urgent Matters ordered the banning of all Muslim Brotherhood activities.

The court also ordered that the interim government seize the group's funds and establish a panel to administer the frozen assets until appeals are held.

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