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Egypt recovers $1.8 bln of Mubarak-era looted funds

Deputy General Attorney reveals that $1.8 billion in appropriated funds and lands have been recovered, with another $9 billion on the horizon

Ahram Online, Sunday 11 Nov 2012
fugitive monies
Many ministers under Mubarak are suspected to have stolen assets overseas (Photo: Ahram)
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Egypt has recovered around $1.8 billion in funds and lands corruptly appropriated by Mubarak-era figures, the state-run daily newspaper Al-Ahram reports on Sunday.

Investigations starting a month after Egypt's January 25 Revolution began in 2011 were fruitful and made it possible for Egypt to retrieve these funds last month, said Deputy General Attorney Adel El-Said on Saturday.

The governmental authorities are working now on banking up around $9 billion from specific persons working under the ousted president Mubarak’s umbrella who have been found guilty of corruption.

According to Egypt's newly-elected president, Mohamed Morsi, the recuperated funds will be deposited in a new account at the Central Bank no. 333/333.

Morsi encourages citizens and Egypt-based expatriates to support the Egyptian economy with financial donations through the same account.

In August, Egypt’s Ministry of Justice considered forming a committee to trace and recover Egyptian assets moved overseas by members of the old regime.

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TheMissus90
12-11-2012 03:21pm
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Too good to be true...
...But hears hoping for a better Egypt and some improvement.
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TheMissus90
12-11-2012 03:14pm
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Too good to be true...
...But hears hoping for a better Egypt and some improvement.
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Nora
11-11-2012 05:53pm
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Talk is cheap, contribute for better Egypt
Mubarak and his thieves have emptied Egypt, it is time to rebuild. Rather than arguing on ideology, we need to find ways to contribute.
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