Egypt's national committee to retrieve funds and assets abroad, headed by Prosecutor-General Hamada El-Sawy, signed a settlement and reconciliation contract in two applications submitted from Mubarak-era officials, Mohamed Ibrahim Suleiman and Magdy Rasekh, a statement by the Public Prosecution said on Saturday.

The two applications were submitted by the two defendants to reconcile in the cases of squandering public funds and other violations, the statement said.

Suleiman and Rasekh, according to the statement, have paid back EGP 1,315,724 billion to the state to settle the cases against them.

Suleiman, a one-time housing minister during the last years of Hosni Mubarak, was sentenced in 2012 to eight years in prison on charges of squandering public funds and illegally allocating lands, in addition to being fined EGP 2.18 billion for his part in two separate real estate deals.

One of the two cases involving the two men was dubbed the "Sixth of October Development & ‎Investment Company (SODIC) corruption case."

Rasekh, the father-in-law of Mubarak’s son Alaa, served as board chairman of SODIC until 2011.

In 2012, the court sentenced Rasekh to five years in absentia and fined him a total of EGP 2.34 billion for his involvement squandering funds.