Convicted ex-minister prevented from using funds at the bourse

Ahram Online, Wednesday 17 Apr 2013

The former finance minister Youssef Boutros Ghali was convicted in absentia of corruption, and currently lives in UK

Egypt’s Illicit Gains Authority notified the stock exchange on Wednesday that the assets of former finance minister Youssef Boutros Ghali and his family have been frozen, the bourse stated.

In June 2011, Ghali was sentenced to 30 years in prison in absentia ‎after been convicted of squandering public funds.‎ Ghali served as finance minsiter under former presidnet Hosni Mubarak from 2004 to 2011. Following the uprising in January 2011, he also resigned from a senior position in the International Monetary Fund.

The court also ordered him to return LE30 million and pay an additional LE30 million in fines.

Ghali, who is living openly in the UK, has been issued with a “red notice” for his arrest by Interpol.

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