Protests worldwide embrace Black Lives Matter movement    Egypt's confirms total COVID-19 cases up to 32612, with 1198 deaths    Egyptian expats narrate their stories of loneliness during pandemic    COVID-19 made death of loved ones crueller and more painful    Culture Ministry to present virtual theatre performances on YouTube    Raya Foods anticipates 20% growth in upcoming 5 years    Recent devaluation of Egyptian pound against US dollar normal, temporary: banking pundit    EGP 36.7bn financial allocations for 691 green projects in FY 2020/21    Tourism Minister prepares for gradual return of activities    Egypt's Sisi announces Cairo Declaration ending Libya dispute    Brazil Bolsonaro threatens to pull out of WHO as coronavirus    Iranian wedding party fuelled new coronavirus surge: Rouhani    Zimbabwe grain deficit seen widening to 1.17 mln tonnes    India overtakes Italy's coronavirus passes as lockdown easing looms    North Korea threatens to permanently shut liaison office with South    Investigations under way as a large fire destroys Amazon Distribution Warehouse in Southern California    Egyptian state banks collect over $10 bln from high-yield savings product    AfDB may offer additional funding to help Egypt amid COVID-19 fallout    Paris gallery seeks inspiration in ancient China's hats to enforce social distancing    Egypt bans sugar imports for 3 months amid global decline in prices    Italian federation agrees to allow five substitutions in Serie A    Solskjaer talks up Manchester United mentality ahead of Tottenham match    Friday's prayer to be held at Cairo's Al-Hussein Mosque next week    Michael Jordan giving $100 million for racial equality, justice    Egypt Purchasing Managers Index increases 37% in May-Planning Ministry    Egypt, Belgium stress importance of bolstering bilateral ties    Jordan reopens mosques for socially distanced prayers    Dortmund's Sancho, Akanji fined for getting haircuts without face masks    Moroccan actor Youssef Kerkour scoops BAFTA nomination    Cairo Airport Museum receives artifacts ahead of planned opening    US prosecutors charge 3 more police officers over George Floyd killing    CAF draws timeline for resumed continental championships amid COVID-19    Al-Sisi, Czech counterpart discuss joint COVID-19 efforts    Egyptian Football star Ahmed Fathy's wife, daughters infected with Coronavirus    TSFE to develop, operate Bab Al-Azab historical area    Egypt's right to water    Sudan urges UN Security Council to encourage GERD parties to refrain from 'unilateral measures'    Misusing the Nile    Egypt's Zamalek close to signing Angola's Papel in summer    We Are One: Global film festival launches amid pandemic    Zamalek re-hang ‘Real Club of the Century' billboard after removing CAF logo    Armed Forces neutralise 19 militants in North Sinai operations    Farwell to 89-year old Egyptian actor Hassan Hosny    Ethiopia says it won't accept Egypt's ‘historic rights' to Nile water    Egypt removes 484 illegal constructions and encroachments on Nile    Salah did not pressure administration to include players on team: Ghazal    Sisi congratulates Egyptians on occasion of Eid Al-Fitr    Egypt's 12 MPs came into contact with coronavirus infected parliamentarian    







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





Egypt's Mansour brothers debut on Forbes list, as one of them faces profiteering charges
The Mansours, one of whom is facing corruption charges, make it on the Forbes list for the first time, along with the Sawiris family
Published in Ahram Online on 10 - 03 - 2011

Former minister of transportation's brother, Yassen Mansour, who's now facing charges of profiteering and waste of public money, is listed, along with his two brothers, on Forbes World's Billionaires list.
New to the list, the fortune of 49-year-old Yasseen, the chairman of Egypt's second largest real estate developer Palm Hills Developments (PHD), is worth $1.8 billion, ranking #692 on the list.
The family assets of Mansour, head of the Mansour Group and Maghrabi Investment Company, were frozen last week by Misr for Central Clearing, Depository and Registry Company (MCDR), along with aother 25 Egyptian officials and their families whose shares have been frozen.
Three weeks ago, Egypt's public prosecutor referred Yasseen to a criminal court on charges of wasting public funds, in a land deal involving PHD, in Sixth of October city on the outskirts of Cairo.
His cousin Ahmed el-Maghrabi who was Mubarak's housing minister in the ousted cabinet has also appeared before prosecutors on Monday to face charges of squandering public money, profiteering and seizing state land in a land deal in 2007.
Other members of the family also appeared on the Forbes list including Mohamed Mansour, former minister of transport from 2005 to 2009 , whose rank is #595 with an overall wealth estimated at $2 billion, and their older brother Youssef Mansour, worth$1.8 billion and ranked #692.
The Mansours are the biggest sellers of GM vehicles worldwide, and their Mansour Group has other interests including the largest supermarket chain in Egypt and the country's second largest real estate developer.
The case of PHD land acquisition, which in recent weeks has been brandished as yet another notorious example of the land grabbing that, many claim, has become one of the most prominent features of crony capitalism, in which government bureaucracy colludes with big business.
The PHD deal was taken to court, on the grounds that it violates the law regulating government tenders and auctions.
PHD has one of the largest land banks in the country, with most of its revenues during the period 2007-2009 coming from the resale of plots of land.
It was founded by Mansour and Maghraby Investment and Development Company (MMID) and is listed on the Egypt Stock Exchange and the London Stock Exchange.
The mother company (MMID) belongs to one of Egypt's largest family-owned businesses. MMID currently owns about 50% of the shares.
An HSBC report, published in early 2010, gave a strong recommendation to its investors to buy PHD shares, giving the company a very good rating of overweight V, partly based on an "inexpensive and diversified land bank". The report titled "Picking Winners in the Egyptian Real Estate Sector" spotlighted PHD, along with SODIC and the Talaat Mostafa Group.
According to HSBC, while Palm Hills Development bought land at a very low cost, at an average of LE 155 per square meter, all its products are oriented to the richest 12 per cent of the population, with a minimum price of LE1.2-1.5 million per unit.
Forbes' 2011 list this year has 14 Africans, among them 8 Egyptians, including Egypt's wealthiest family the Sawiris family. Nassef, chairman of Orascom Construction, was ranked #182 with $5.6 Billion, Naguib of Orascom Telecom #310 with $3.5 B, and Samih, the younger brother and owner of Orascom Development #879 at $1.4 B. Their 81-year-old father and founder of the Orascom empire, Onsi Sawiris was ranked #393 with a fortune estimated at $2.9 billion.
This year's list has also included Egyptian tycoon and former owner of London's Harrods, Mohamed Al Fayed, whose net worth of $1.2 B was ranked #993 on the list.


Clic here to read the story from its source.