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article imageMubarak family fortune estimated at $70 billion

By Steve Hayes     Jul 30, 2012 in Politics
Former president of Egypt, Hosni Mubarak, has an estimated $70 billion in foreign banks, according to a report by Egypt's General Intelligence National Security Commission.
According to Daily News Egypt, Mubarak, using assumed names moved EGP 50 billion into foreign banks on January 25 2011, as the revolution broke out. The bulk of the money is apparently deposited in Swiss, US and British banks. Mubarak is also said to have EGP 35 billion in real estate in Egypt, with other substantial assets in foreign countries.
The Guardian points out Mubarak's personal fortune is not dissimilar to that of other leaders of Gulf countries. In Egypt all foreign business ventures required a sponsor, who would receive a substantial share of the profits without any capital outlay. This endemic corruption under Mubarak's dictatorship ensured that he was well placed to accumulate vast personal wealth.
The Mubarak fortune could potentially be turned to good use and be invested in the welfare of the people of Egypt. The funds would also make unnecessary the International Monetary Fund (IMF) loan, which, as reported by Al Bawaba, is currently being negotiated by President Morsi. However, there is concern that the people will never see any benefit. According to Assem Abdul Mo’ty, Honorary Chairman of the Central Accounting Apparatus’ watchdog organisation, Observers Against Corruption, the problem lies with the fact that the Head of the Central Bank, Farouk El Okda, has not been replaced. As Mo'ty points out:
After any revolution, the governor of the central bank is either deposed, given leave or his or her resignation is accepted. This way, you can get someone else in their place and this is the only way you can have access to the data from before the revolution.
And access to the "data" is crucial. Without such access, it is impossible to ascertain which assets are illegitimately held and should be handed over to the public. According to Mo'ty's analysis, the "data" are unlikely to be handed over, as the people running the major institutions of Egypt are the same people who were in place before the revolution. As he says:
You’ve removed the head of the state but the body is still there.
The Times of Israel reports that Mubarak may be pardoned and released on the ground of old age. However, the prison authorities in Egypt have denied the report, claiming that the general pardon will only apply to prisoners who have already served twenty years.
More about Eygpt, Hosni Mubarak, Finance, Corruption, Greek banks
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