Egypt Independent

Central Bank denies holding $9 billion in secret Mubarak accounts



Egypt's Central bank denied on Thursday that ousted Egyptian President Hosni Mubarak has US$9 billion deposited there.

Former deputy head of the Central Auditing Agency (CAA), Assem Abdel Moety, had on Wednesday said that Mubarak stored over $9 billion in three secret Central Bank accounts, which are currently frozen.

He also told the privately owned Youm7 newspaper that $8.7 billion was deposited in the first of Mubarak's personal accounts in 1992.

The bank said the money mentioned was originally deposited in the state account titled "Amounts Received from Arab States" by five Arab countries, namely Saudi Arabia, Kuwait, UAE, Oman and Libya, as non-refundable grants to Egypt from 1990 to 1992, totalling US$4.6 billion at the time.

The bank also said the money was added to the international reserves balance, and was invested in time deposits with foreign banks and in US treasury bills.

With interest, the money grew to $8.82 billion by 31 December 2011, and is still kept with the bank in the name of the state, said Central Bank officials.

Translated from Al-Masry Al-Youm