Madbouly Egypt's development model at UN conference    Egypt's Foreign Minister urges diplomacy on Iran nuclear issue in IAEA call    Egypt, Iran FMs discuss Gaza truce, nuclear talks revival    Egypt's Environment Minister calls for stronger action on desertification, climate resilience in Africa    Egypt's Q3 GDP growth hits three-year high of 4.77%    Peace is not imposed by bombing… nor achieved by normalisation peoples reject: Al-Sisi    Al-Sisi reaffirms Egypt's support for Libyan unity, withdrawal of foreign forces    Spinneys Opens A New Store in Hurghada    Egypt to launch new dialysis filter factory in July, covering 65% of domestic demand    Egypt reveals heritage e-training portal    Egypt leverages diplomacy to advance global health partnerships    Egypt to toughen truck safety rules following fatal Ring Road accident    Egypt condemns Pakistan convoy attack, voices solidarity    Egypt, Mauritania eye joint healthcare plans    Egypt's FM, UK security adviser discuss de-escalation    US Fed holds rates steady    EGX ends in green on June 16    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Grand Egyptian Museum opening delayed to Q4    Egypt delays Grand Museum opening to Q4 amid regional tensions    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Money paid to Egypt was merely 'a donation, not financial settlement': Mubarak-era businessman
Published in Ahram Online on 02 - 10 - 2016

Egyptian business tycoon Hussein Salem's family argues that his payment of billions of pounds to the government in exchange for the dropping of charges against him is "unlawful," with his daughter referring to the funds as "donations," the family said in an interview with prominent TV host Amr Adib on his show Kol Youm.
Adib interviewed Salem, who appeared in a sickly condition, along with his son Khaled and daughter Magda in Spain in mid-August in their first TV appearance after the conclusion of Salem's deal with the Egyptian government on 3 August. The interview was aired on Saturday.
The financial settlement was achieved once a fugitive Salem, a former close associate of ousted president Hosni Mubarak, agreed to a deal with the government where charges against him would be dropped in exchange for the business mogul giving up EGP 5.3 billion (approx. $596.5 million).
The 83-year-old, who fled to Spain shortly after Egypt's 2011 uprising that overthrew long-time president Mubarak, had received two jail terms in absentia over corruption charges including squandering public funds, profiteering and money laundering.
The money paid in the settlement was 10 percent cash and the rest was in assets, Salem said in the interview.
The figure accounts for 75 percent of Salem's assets inside and outside Egypt, according to Adel El-Saied, a justice ministry aide for the Illicit Gains Authority.
Salem's total assets are worth EGP 7.12 billion (approx. $799 million), El-Saied added.
Salem's daughter Magda insisted in the interview that the deal with the government "is not reconciliation, it is a donation."
"My father is not a suspect; he did not commit any crime."
Salem's son Khaled claimed that the family paid EGP 5.4 billion even though the deal required a payment of EGP 4.5.
"After six years of silence, we decided to talk to the media as cases were fabricated against us," Khaled goes on, claiming that the family has been borrowing money to get by over the past six years.
"We want a quick resolution. We want mercy. Why did my father donate? He donated so his sons and grandsons can live in peace," Magda said.
"We only have EGP 147 million, and part of it is indebted," she claimed.
According to the Illicit Gains Authority, Salem's remaining family assets are estimated at EGP 1.82 billion.
Throughout the interview, the family called on officials to quickly implement the required legal procedures so they can return to Egypt.
The interview took place in mid-August in Madrid before Egypt's prosecution asked Interpol last Thursday to lift the names of Salem and his family off its Red Notice Wanted list and airport watch lists.
Also in late August, Egypt's prosecutor-general Nabil Sadek sent a request to judicial authorities in Switzerland, Spain and Hong Kong to unfreeze Salem's assets and funds abroad.
Salem blames Muslim Brotherhood
"The Muslim Brotherhood and Qatar are the ones behind our current situation," said Salem – who could not speak properly due to his medical condition – as interpreted by his children.
"Qatar wanted to take the gas contract to export natural gas to Israel," Magda said, alleging that Qatar was attempting to undermine Salem as he was a major shareholder in East Mediterranean Gas (EMG), the firm that exported gas to Israel. Salem reportedly contributed $95 million to EMG's paid up capital.
Egypt agreed to provide Israel with natural gas in a 2005 deal.
The public prosecution said following the 25 January Revolution that the agreement caused Egypt losses of over $714 million.
Salem referred to the revolution as a "major plot and conspiracy by the Muslim Brotherhood and Qatar," adding that "God saved [the country] on 30 June," when Islamist President Mohamed Morsi was ousted from power.
On Mubarak, Salem said that the former president has not been in contact with him, though Salem "prays for him."
Salem blamed all of Egypt's current troubles on the Brotherhood.
In the spring of 2012, Salem offered the Muslim Brotherhood government half of his fortune in exchange for the dropping of all charges against him, a deal which was never reached.
Another offer was made in January 2014 to the interim government, prior to the election of Egypt's current president Abdel-Fattah El-Sisi.
"We thought they would do us justice after the 30 June uprising, but that did not happen," Salem said.
Salem said that he stands against the Muslim Brotherhood as well as Qatar, Turkey and the US.
Return to Egypt
The family claimed that they have been unfairly targeted for prosecution.
"Did anyone pay money like me? There are many businessmen from Mubarak's era that have not paid anything. They are richer than me. Why the focus on the Salem family?" Salem said.
During the interview, the host Adib called for further financial settlements with imprisoned or fugitive businessmen following the example of Hussein Salem.
"The country needs to get this done in order to move past this era," Adib said, adding that this would make foreign investors feel that "investment and money issues" in the country are easily resolved.
"Similar deals can take place with [former officials] Rashid Mohamed Rashid and Youssef Boutros Ghaly," Adib suggested.
When Salem was asked whether such settlements would encourage other businessmen and investors to move towards the same solution, he answered, "of course."
Article 18 of the criminal law allows the country's premier to create a reconciliation committee if a defendant or his lawyer requests it.
The Illicit Gains Authority has received 26 requests from other Mubarak-era figures for reconciliation with the government, El-Saied said earlier.
While Salem's family says their father was eager to give back to Egypt, saying that the country was "in need" of the money they "donated," they called on officials to stop being hesitant over concluding legal procedures.
The businessman previously told Adib in a 2012 interview "I do not believe I owe the country a single penny."
The family said they are planning to manage their business ventures upon their return to Egypt, including shares in Sharm El-Sheikh hotels under Magda and Khaled's control.


Clic here to read the story from its source.