Central Bank of Egypt prepares Mubarak's full account file for authorities

Ahram Online, Saturday 21 Jan 2012

Amidst media reports that ousted president Hosni Mubarak pocketed Gulf money and transferred it abroad, Egypt's central bank is preparing evidence to counter the claims

Mubarak's family

The Central Bank of Egypt (CBE) announced that it is currently preparing a full file of evidence and information related to ousted president Mubarak's bank account to hand over to the prosecutor general, head of the Central Auditing Organisation and the external auditors this week.

After media reports that Mubarak pocketed and transferred roughly $4 million from grants deposited in the central bank coffers by Arab countries in the wake of the revolution that ousted him, the CBE aims to dissipate these as mere rumours.

In November the CBE denied that there were any transfers from the accounts of ousted Egyptian president Hosni Mubarak or his family to banks outside the country since the revolution in January. This complies with the self-imposed restrictions for funds leaving the country as well as the instructions from Egypt’s prosecutor general.

Prior to Mubarak’s ouster, however, $14 million was debited from his account starting from 1990 (when it was opened) until 2003, under the umbrella of state purposes.

The bank further detailed that five Arab countries granted Egypt $4.6 billion in the wake of the Gulf War from 1990 to 1992 to support the Egyptian economy and that they have, in fact, been deposited in the state’s account with the central bank under the name "Funds received from the Arab States," which were added to the international reserves and are now worth $8.82 billion, interest included.

The CBE says it the Kingdom of Saudi Arabia has an account since 2008 with $376 million, which has been added to the international reserves to reach $9.2 billion on 31 December, 2011.

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