Fugitive tycoon Hussein Salem negotiating reconciliation with state
Hussein Salem - YOUM7 (Archive)

CAIRO: Fugitive businessman Hussein Salem has offered 27 billion EGP ($3.77 billion) to reconcile with the state, Al-Shorouk reported Saturday.

It was added that the prosecution demanded he raise the value of the settlement from a previous offer of 24 billion EGP, to 27 billion, which represents approximately 85 percent of the value of this total assets.

An unnamed judicial source told Al-Shorouk that Salem’s lkegal representatives, Mahmoud Kbeesh and Tareq Abd Al-Aziz provided the prosecution with a full list of their client’s assets, which includes about 12 companies, commercial real estate, stocks in huge projects such as Suez Canal Bank, and his bank accounts.

The prosecution explained that it has been working on Saliem’s wealth during the past few days, receiving reports from the public funds investigations.

Other 4 new complains were reported to be issued against Salem’s, without clarifying further details, however, the source told Al-Shorouk that they are to say final decisions as soon as they done with investigations.

On Nov.29 Hussein Salem was acquitted in absentia along with former president Hosni Mubarak on charges of squandering public funds by exporting gas to Israel at a below market price.

Many offers were reported by Salem to the government. On Jan. 01, Salem’s lawyer Tareq Abd Al-Aziz said that he is willing to waive about 298,000 meters of lands to the government as he is not capable anymore to continue his business in it.

Another source told Al-Shorouk that Salem gave part of these lands to the Long Live Egypt Fund that was launched by President Abdel Fatah al-Sisi last July. However, the investigations and negotiations are still ongoing between the prosecution and Salem’s legal representatives.


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