Billionaire Hussein Salem offers 75% of wealth to gov’t: lawyer
Hussein Salem - YOUM7 (Archive)

CAIRO: Fugitive billionaire Hussein Salem has offered 75 percent of his wealth to settle a dispute with the Illicit Gains Authority (IGA,) the business tycoon’s lawyer Mahmoud Kebeish told Youm7 Thursday.

According to Kebeish, the IGA did not prove he acquired any assets illegally, but the Hosni Mubarak era businessman made the offer to remove his name off the blacklist at Egyptian airports. The lawyer claimed IGA has approved the offer.

Salem reportedly resides in Spain, where is is also a citizen, and 75 percent of his wealth equals about 5.6 billion EGP, Kebeish said.

Meanwhile, the IGA denied it has approved or received Salem’s settlement, Youm7 reported.

A source at a committee tasked with inventorying Salem’s assets told Youm7 the 75 percent is less than the value of the amounts demanded in the cases in which he is charged.

Salem fled the country after the January 25 Revolution in 2011, and the profiteering cases against him have been ongoing since then.

Recommend to friends

Leave a comment