H. Kong jobless rate rises in May–July '25    Egyptian pound opens flat on Wednesday    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt expresses 'deep dissatisfaction' to Netherlands over embassy attack    Global pressure mounts as Gaza fighting intensifies and death toll surges    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    At TICAD, Egypt's education minister signs pacts with Casio, SAPIX    Madbouly invites Japanese firms to establish industrial zone in SCZONE    Cairo, Tokyo sign LOI to expand educational cooperation, support for persons with disabilities    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Al-Sisi meets Qatar PM, Bahrain security adviser to discuss Gaza crisis, regional stability    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.



State studies possible reconciliation with Mubarak-era industry minister
Rasheed is willing to return EGP 500m in exchange for the charges against him to be dropped
Daily News Egypt Published in Daily News Egypt on 27 - 08 - 2016

The Illicit Gains Authority is currently studying a number of memorandums to reconcile with former minister of trade and industry Rasheed Mohamed Rasheed, according to state-owned newspaper Al-Akhbar.
The memorandums were filed by ministers and former officials of the state, mainly active in the era of ousted president Hosni Mubarak, as the initiative is headed by Rasheed.
Rasheed said in his demand that he is willing to return EGP 500m, in exchange for the charges levelled against him to be dropped, in accordance to recent amendments in the Illicit Gains Law. His aim is to end judicial proceedings against him and to be able to return to Egypt immediately.
After Rasheed left office in 2011, he disclosed the ministry's financials to the state, taking EGP 500m for his own profit. He transferred the amount from Cyprus to London with the help of his daughter.
In August 2014, Rasheed was sentenced to 15 years in prison in absentia as part of the illicit gains case against him and the significant increase of his wealth while being in office. He was also accused of deliberately concealing his shares in 14 companies, and illegally owning property and land in Alexandria, Marsa Matrouh, and Cairo.
Following the 25 January Revolution, many ministers were referred to court on charges of wasting public money and embezzling funds.
Earlier in August, the head of the Illicit Gains Authority, Adel El-Said, announced in a conference that the government completed a deal with the fugitive tycoon Hussein Salem, a former ally of Mubarak, to transfer 75% of his financial wealth to the state.
The implementation of the deal will allow Salem and his family to return to Egypt, after they had not been allowed to enter the country due to the charges against him. The state also unfroze Salem's assets.
Recent amendments to the Illicit Gains Law allowed Mubarak-regime figures to cede their wealth to the state, in exchange for the dismissal of corruption charges against them. Former ousted justice minister Ahmed Al-Zind has been campaigning for filing the reconciliation forms since October 2015, claiming it is the only way to retain Egypt's embezzled funds from abroad.

Clic here to read the story from its source.