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Central Bank of Egypt contests report of Mubarak’s $120 million 'personal cheque'

The central bank says the cheque written by the UAE to the ousted president was paid into Egypt's foreign reserves

Ahram Online, Tuesday 26 Jul 2011
Mubarak
(Photo: Reuters)
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The Central Bank of Egypt has denied newspaper claims that the country's former president benefited from a personal cheque for the sum of $120 million.

A report in Tuesday's edition of El-Fagr newspaper said the leader received the cheque on 25 August 1990, calling it  “Mubarak’s biggest financial and military scandal.”

But a statement from the Central Bank today said that the main branch of the National Bank of Egypt collected the cheque through its correspondent, the Bank of New York, on 31 August 1990. 

The amount was added to the Central Bank’s account on the same date and consequently became part of Egypt’s foreign reserves, it said.

El-Fagr claimed the US$120 million cheque was provided by Sheikh Zayed Bin Sultan, head of the United Arab Emirates, to Mubarak as thanks for the participation of the Egyptian army in liberating Kuwait during the first Gulf War.

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