The Public Funds Prosecution plans to start implementing financial sanctions of more than LE10 million that criminal courts have issued against former regime figures.
Public Funds Prosecutor Mostafa Husseiny formed a judicial committee to speed up the completion of legal proceedings to collect financial penalties.
The committee addressed the Central Bank about convicts’ secret bank accounts, and addressed the Public Funds Investigation Department about real estate and property owned by those convicted, so that if liquid funds are not sufficient, the judiciary committee may freeze assets such as companies, factories, land or resorts.
The Administrative Control Authority arrested Sherif Ibrahim Suleiman, son of former Housing Minister Mohamed Ibrahim Suleiman, after he allegedly tried to hide US$4 million of his father’s fortune in a joint account in Switzerland. The authority released him after he gave the money back, state news agency MENA reported.
The Cairo Court of Appeals set 20 April to start the retrial of Suleiman and businessman Magdy Rasekh, as well as other Housing Ministry officials. They face charges of allocating a plot of land to SODIC Company, a real estate development company owned by Rasekh, in violation of legal allocation procedures, squandering almost LE1 billion in public funds.
The Court of Cassation in December canceled the Cairo Criminal Court’s decision to sentence Suleiman to five years in prison.
Edited translation from Al-Masry Al-Youm