Egyptian fugitive businessman released on bail by Spanish court

Ahram Online, Saturday 18 Jun 2011

Hussein Salem, business tycoon closely linked with the ousted Mubarak regime with an international warrant out, was arrested but released on 27m Euro bail by a Spanish court

Hussein Salem
Hussein Salem

According to Al Jazeera, fugitive business tycoon Hussein Salem has been released on a bail of 27 million Euros by Spanish authorities.

Salem was summoned to court twice on Friday, once for the arrest warrant issued by the Interpol and another time to face charges of money laundry in Spain, says Al Jazeera.

Salem’s son, Khaled, was also arrested for involvement in the money laundering case in Spain. The court is to judge whether Salem gained the money illegitimately from Egypt and transferred it to Spain.  

Salem, a confidante of ousted president Mubarak, has been on the run since 3 February. He was arrested in his villa in Majorca, Spain, last Wednesday.

Spanish authorities have frozen $45 million in the accounts of business tycoon Hussein Salem last week.

Egyptian authorities have sent a request to Spain to extradite Salem over to Cairo so that he can stand trial on charges of corruption and money laundering.

Short link: