Egypt may reconcile with 4 fugitives over illicit gain cases
Hussein Salem, a fugitive Egyptian businessman - YOUM7 (Archive)

CAIRO: The Illicit Gain Authority (IGA) may reach financial settlements with four fugitive businessmen in exchange for dropping charges of profiteering, embezzlement, a judicial official told Youm7 Wednesday.

The IGA, chaired by Minister of Justice Aide Adel al-Saied, will issue in the coming few days a decision on whether to accept a reconciliation and settlement between the government and the four, added the official, who spoke on condition of anonymity as he is not authorized to speak to media.

The four Mubarak-era figures include tycoon Hussein Salem, former Minister of Trade and Industry Rashid Mohamed Rashid, and two others whose names the official refused to disclose.

The official said that if the IGA reached a reconciliation decision, the state would reclaim 9 billion EGP ($1.19 million).

Rashid submitted a request to the former chairperson of the IGA Youssef Othman repay the state 3 million EGP, however, Egypt insisted on receiving 15 million EGP.

On Aug. 18, The International Criminal Police Organization (Interpol) lifted Rashid from its wanted list, despite an outstanding sentenc in Egypt to 15 years in jail and a fine of 522 million EGP over illicit gains. Rashid and his daughter fled Egypt after the January 25 Revolution and are accused of stealing 500 million EGP and smuggling the funds to Cyprus.

It was reported in June that Egyptian-Spanish Salem has reached a final agreement with the Egyptian government in a profiteering case. Salem reached a deal to pay a part of his frozen funds in exchange for dropping charges of embezzling $41 million and ceding his and his son’s frozen profits.

Earlier this year Salem, former President Hosni Mubarak and his two sons were acquitted of corruption charges and squandering public money over exporting gas to Israel at below-market prices.

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