CAIRO: Egyptian-Spanish fugitive business tycoon Hussein Salem has submitted to the Egyptian Illicit Gains Authority a request to cede 4 billion EGP ($560 million) to the government in exchange for it dropping all legal cases against him and granting him immunity in future cases.
This is according to Salem’s lawyer, Cairo University Faculty of Law Dean Mahmoud Kebeish, in remarks to Youm7 Thursday.
Salem’s personnel wealth is estimated at 7.5 billion EGP according to a financial report from the Egyptian Ahly Bank, Kebeish said.
Salem’s assets include properties abroad in Spain, Switzerland and Hong Kong worth 127 million EGP, Kebeish added.
In June 2012, Salem, who lives in Spain, was sentenced in absentia to 15 years in jail for squandering public funds by exporting gas to Israel at below market prices and bribing former President Hosni Mubarak and his two sons with luxury villas and palaces. The Cassation Court ordered a retrial in March 2013.
Tarek Abdel-Azizi, another lawyer for Salem, previously asked the authority to consider taking the profit from the sale of a plane owned by Salem as a form of reconciliation with the government in order for all charges to be dropped.