Hosni Mubarak: A Billionaire Awaiting Indictment, Gamal Mubarak: Trying to hide the Family Fortune

Hosni Mubarak is lying low at his villa in Sharm El Sheike as the tide of history in Egypt moves on.  His closest political allies, former Prime Minister Ahmed Nazif, former Interior Minister Habib al-Adli and Information Minister Anas al-Fekky have been banned from foreign travel and only time will tell if Mubarak will be called to account for thirty years of corruption by the Egyptian judiciary.

The Mubarak family wealth is estimated at anything between $5 billion and $70 billion.  The upper estimate would make him and his family wealthier than Internet Billionaire Bill Gates.

Mubarak has taken a slice of virtually every significant business deal in the country over a thirty year period, from development projects throughout the Nile basin to transit projects on the Suez Canal, a conduit for about 4 percent of the world’s oil shipments. “There was no accountability, no need for transparency,” said Prof. Amaney Jamal of Princeton University. “He was able to reach into the economic sphere and benefit from monopolies, bribery fees, red-tape fees, and nepotism. It was guaranteed profit.”

Arwa Hassan, a Middle East specialist for the anti-corruption group Transparency International, said Mubarak’s son Gamal appeared to be at the center of the Mubarak family’s finances, often approaching successful businesses operating in Egypt and insisting that he be added to their board of directors or their executive ranks.

“It was really common for Gamal Mubarak to approach a successful business and say, make me a partner in your business,” she said. “I’ve heard this from various sources. I don’t think it was a secret.”

The Swiss Government has said it is temporarily freezing any assets in Swiss banks that could be linked to Mubarak although there have been reports that the family have been trying to find other places to hide the family fortune over the past few weeks, as pressure on the Hosni Mubarak to resign mounted…

Gamal Mubarak considering his future

No doubt Mubarak’s wife Susanna and son Gamal, currently residing in London are trying to ensure that no-one will ever know how much the deposed dictator has skimmed off the top of the Egyptian economy over a thirty year period…

References: 

http://finance.yahoo.com/news/How-Hosni-Mubarak-Got-Filthy-usnews-3723955512.html?x=0

http://www.thedailybeast.com/blogs-and-stories/2011-02-12/the-hunt-for-fallen-egyptian-president-hosni-mubaraks-billions/

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About stevehollier

Steve Hollier is the editor of AZ Magazine, an English language lifestyle magazine based in Baku, Azerbaijan. He began his career working for a firm of stockbrokers in the City of London then went on to attend the University of Essex where he was awarded an MA in Sociology in 1984. After a career in arts and cultural development work, he became a freelance arts consultant, writer and photographer.
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