Attorney general cancels decision to confiscate money of Palm Hills chairman

Attorney general cancels decision to confiscate money of Palm Hills chairman

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Thu, 26/04/2012 - 16:22

Attorney General Abdel Meguid Mahmoud has decided to cancel a verdict freezing and confiscating the money of the former board chairman of Credit Agricole Egypt and Palm Hills.  

The Egyptian stock exchange said in a statement on Thursday that it received a letter saying that the attorney general has endorsed a decision to cancel the verdict issued against Yassin Mansour, his wife, Sherin Kamel Mostafa, and his underage children Khadija, Ismail, Mohamed and Rawya.

The stock exchange said it will take the necessary action.

An Egyptian court cleared Mansour and former Housing Minister Ahmed al-Maghrabi in July on charges of corruption relating to a land sale.

Palm Hills, Egypt's second-largest developer, has been hamstrung by the country's political upheaval, which froze sales and increased new home cancellations.

Palm Hills was founded by the Maghrabi Investment and Development Company, a joint venture between the Maghrabi and Mansour family businesses.

Egypt's public prosecutor had accused Mansour and Maghrabi of improperly arranging the sale of land in 6th of October City on the outskirts of Cairo.

A court investigating the charges said that while the case was being reviewed, Mansour's defense team had offered to make up for shortfall in the price paid for the state land.

The transaction cost the state over LE272 million in lost revenue, according to the charges.

Maghrabi has already been sentenced to five years in prison and fined over a separate illegal land deal.

He was one of the first of Mubarak's ministers to be questioned in a wide-ranging graft probe demanded by protesters who accused the former president and his administration of amassing wealth at the public's expense.

Edited translation from Al-Masry Al-Youm