Gamal Mubarak, whose involvement with Egyptian banks is under intense scrutiny (Photo: Reuters)
As the youngest son of the ex-president and head of the political committee of Egypt's National Democratic Party, Gamal Mubarak was a valuable friend to have, says a report published today by Shorouk, an Egyptian newspaper.
According to Shorouk, Gamal Mubarak controlled senior positions in banks and took a lead role in appointing their managers. Mubarak's choices were, it is claimed, determined mainly by the candidate's relation to himself and the ruling party.
These arrangements have made Mubarak Jr's friendship a kiss of death now the father has stepped down and the family's financial dealings and connections are in the spotlight.
The heads of several banks are implicated in Shorouk's report, among them Hassan Abdalla, executive director of the Arab African International Bank, Tarek Amer, head of the National Bank of Egypt and Hesham Hassan, head of the Export Development Bank.
Hisham Ezzelarab, head of the Commercial International Bank, and Wagdy Rabat, head of Suez Canal Bank, are also mentioned.
Gamal Mubarak's controversial involvement in Egypt's financial scene started upon his return from London, where he trained in a bank, in the late 1990s.
His first role was at the Arab African International Bank where he was appointed board member with his friend at the time, Ahmed El-Bardaie, who then moved to the top position at Cairo Bank amid widespread dissatisfaction.
Mubarak's board appointment is the only known public post held by the ex-president's son. There was no fixed salary attached, except compensation for attendance of board meetings.
Gamal Mubarak's friendship, once a promise of favourable treatment, became a curse during Egypt's recent demonstrations and strikes, when Hesham Hassan of the Export Development Bank had to sit with employees and listen to their complaints. These included demands for a wide investigation into all the deals made under his management.
Short link: