Mubarak’s Trade Minister sentenced 15 years in prison, fined 522 million
former Minister of Trade and Industry Rashid Mohamed Rashid - YOUM7 (Archive)

CAIRO: Mubarak-era former Minister of Trade and Industry Rashid Mohamed Rashid and his daughter Aliaa were sentenced in absentia Wednesday to 15 years in prison and fined 522 million EGP (around U.S.$ 73 million ) over illicit gains, Youm7 reported.

Rashid and his daughter, who fled Egypt after the January 25 Revolution, are accused of stealing 500 million EGP (US$ 69.9 million.)

Judge Ibrahim el-Heneidi accused the defendants of failing to disclose these funds in Rashid’s financial disclosure report that was submitted to the Illicit Gain Authority in 2011. Heneidi said that the money was “smuggled” to Cyprus with help from his daughter.

In March, 2014, the authority asked Interpol to issue an arrest warrant against Rashid and his daughter.

According to the investigations, Rashid stole money by stock exchange manipulation in 2003 when he was a member of the dissolved National Democratic Parliament; he also faces two charges of money laundering, al-Masry al-Youm7 reported on March 17.

In 2011, Rashid was sentenced to 15 years and fined 1.4 billion EGP over wasting 600 million EGP (about 73.9 million) of public funds via illegally issuing Egyptian steel tycoon Ahmed Ezz two licenses to manufacture steel.

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