Hussein Salem signs LE5.341 bn reconciliation deal: Illicit Gains Authority

Chairman of the Illicit Gains Authority Adel al-Saeed has announced a reconciliation deal agreed between the authority and the fugitive Mubrak-era energy tycoon Hussein Salem, along with members of his family.

Saeed said in a press conference at the Justice Ministry headquarters on Wednesday that a deal was signed with Salem and family members in return for LE5.341 billion, equal to 75 percent of his wealth.

The officially recorded wealth of Salem, who now has Spanish nationality, is around LE7.122 billion.

According to Saeed, if any other property is identified in future as being owned by Salem, it will automatically be transferred to the state, in accordance with the deal.

As part of the deal, the names of Salem and several other fugitive family members will be removed from Interpol's Red Notice list, and the current freeze on his Egyptian properties will be removed.

Saeed pointed out that Salem and his family can now visit Egypt and resume their business activities.

Salem was implicated in multiple cases, one of which involved the Eastern Mediterranean Gas Company that exports gas to Israel Another involved Al-Bayedeya lands in Luxor, a case that also implicates Alaa and Gamal Mubarak. Salem was also accused of profiting from his relationship with ousted President Hosni Mubarak, corruption and illegally seizing public money.

Edited translation from Al-Masry Al-Youm

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