Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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    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.



Mubarak-linked businessman detained in Spain
Published in Daily News Egypt on 17 - 06 - 2011

CAIRO: Spanish authorities have detained a close associate of ousted President Hosni Mubarak wanted for trial at home on charges of bribing Mubarak and his family and squandering public funds, Egyptian officials said Thursday.
The head of Egypt's Interpol Brig. Gen. Magdy El-Shafei told the state's Middle East News Agency authorities are preparing the necessary documents to bring Hussein Salem back to Egypt where he faces a number of charges.
Salem, one of the most secretive businessmen in Egypt, was detained in his home in Mallorca on an international arrest warrant issued by Interpol.
Spanish authorities froze $45 million in Hussein Salem's bank accounts and seized real estate of his worth $14 million, the Spanish press agency Europa Press reported Thursday, citing unnamed police sources. The real estate is located in Madrid and the Spanish resort town Marbella, on Spain's “Costa de Sol,” the agency reported.
The Spanish police arrested Salem and two others in an operation carried out by the National Police's Economic and Financial Crimes Unit, the report said.
The three are scheduled to testify Friday in a Spanish court, the report added, citing prosecutors.
Salem's detention was seen as a major step toward unraveling secrets of corruption throughout the reign of Mubarak; and possibly a key to locate and retrieve much of the Mubarak's riches, believed to be stashed abroad at a time when the country's economy is depressed, months after the uprising. Some estimate Mubarak's holdings at tens of billions of dollars.
"Salem is not just a suspect in a corruption trial or for abuse of power, he is the bag of secrets and is the face of all the illicit and illegal activities of Mubarak and his two sons," said Abdel-Khaleq Farouk, an independent economist who specializes in corruption issues.
Salem left Egypt a week before Mubarak was forced to resign on Feb. 11 after 18 days of protests. After Mubarak's ouster, the protesters continued to press for the prosecution of Mubarak and his cronies for what they say were years of abuse and corruption.
Salem was charged last month along with Mubarak and the ex-president's two sons. Their trial is scheduled for Aug. 3.
Salem, 77, is said to have won lucrative land and other deals, including exporting gas to Israel, because of his connections to Mubarak. The natural gas deal has come under severe public criticism.
Salem, an ex-army and intelligence officer, was a close associate of Mubarak from his early days in office three decades ago.
Salem's name was linked to some of the early developments in the Red Sea resort of Sharm El-Sheikh, including supplying the resort with fresh water and establishing the first hotels. In his later years, Mubarak spent much of his time in his home built by Salem at the resort. He headed there after he stepped down. Mubarak is being detained now at a Sharm El-Sheikh hospital.
In its charges against Salem, the Egyptian prosecution said Salem gave Mubarak and his family real estate in Sharm El-Sheikh worth nearly $7 million for less than their actual value. Mubarak is accused of enabling Salem to gain $2 billion from the gas exporting deal to Israel.
A day before leaving Egypt, Salem appeared on a private TV station— one of the rare times he spoke to the media — to deny he would flee.
"There is nothing to cause me to run away. For 40 years, I never worked in politics and never had a government job," Salem said. "I can't put my hotels and my pumping station on my shoulder and run." Salem said his relationship with Mubarak is one of "respect."
Lawyer Nasser Amin said Salem's close relations with Mubarak helped him operate under the radar for years.
"He is the richest businessman in Egypt. He had the power and the money," he said. "He has the key to the black box of Mubarak's family and will play a big part in retrieving a lot of the country's funds" abroad.-Additional reporting by Daily News Egypt.


Clic here to read the story from its source.