CAIRO: Hussein Salem, an associate of former President Hosni Mubarak, was sentenced to seven years in jail and fined US $4 billion for profiteering and money laundering on Wednesday. Salem was a partner in the East Mediterranean Gas Co, and was accused of selling natural gas to Israel at a discounted price. According to the courts, he made about US $2 billion in money laundered from the gas deal. His son Khalid and his daughter Magida were also convicted. Salem and his children were sentenced in absentia, as they fled Egypt for Spain when the protests that overthrew the former regime started. Salem was arrested in Spain last June on an international warrent. Spain is prepared to extradite Salem, according to the Spanish Foreign Minister Trinidad Jimenez, though the process is expected to take some time. Egypt is now drafting a new gas contract with Israel, after disputes and disruptions in the gas deal this past year caused the two countries to renegotiate their arrangement. Gas prices for Israel are expected to increase. Former president Mubarak is still under investigation for ordering the killings of demonstrators in the January 25 Revolution that toppled his regime earlier this year. BM
