Mubarak’s local fortune estimated at $145 million and Sharm El-Shiekh villa

Ahram Online, Friday 13 May 2011

Head of Illicit Gains Authority releases the result of their investigation into scope of Mubarak's wealth in Egypt and reveals ousted president's admission of a secret Alexandria Library bank account

Mubarak
Mubarak's local fortune much less than anticipated but more than it should be. (Photo Reuters)

The fortune of ousted Egyptian president Hosni Mubarak has been estimated at $145 million deposited in the Alexandria Library accounts at the National Egyptian Bank and a villa in Sharm El-Sheikh worth LE36 million, the Illicit Gains Authority said in a statement today.

The statement goes on to put that of his wife, Suzanne Thabet Mubarak at LE20 million and a villa in Heliopolis.

The authority on Thursday resumed questioning the ousted president and his wife on charges of illegal profiteering.

The authority's head, Essam El-Gohary who issued the statement, said that media reports estimating their fortune at billions of dollars are untrue and have “triggered people’s anger and incited public opinion without proof.”

He added, however, that by using their postion of power and influence, Mubarak and his wife accrued a wealth greater than their incomes.

El-Gohari added that Mubarak denied withdrawing money from the Alexandria bank account but admitted it is in his name. He also admitted to not informing the library's board of trustees of account's existence, for the sake of preserving it.

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