How much are Egypt's 15 richest men really worth?
The net worth of Egypt’s 15 richest men totalled $23.7bn, Egypt Business Directory said in a report released on Monday, with Nassef Sawiris, Mohamed Mansour and Naguib Sawiris the country’s top three. They have a net worth of $6.7bn, $3.1bn and $2.8bn respectively, the report said.
Nassef Sawiris, Egypt’s richest man, is the CEO of Orascom Construction Industries (OCI) and owns stakes in cement company Lafarge as well as Texas Industries.
During 2013, OCI was accused of tax evasion by the Tax Authority. A year later, however, OCI announced that the Egyptian Prosecutor General acquitted OCI of the tax evasion charges.
Last month, AhramOnline reported Sawiris was sentenced in absentia to three years imprisonment on charges of tax evasion. The imprisonment verdict, however, has been suspended and rendered unenforceable.
OCI is confident in its position in the ongoing tax case. The company continues to fulfill its “fiduciary duty by combating an unjust situation enforced by the Muslim Brotherhood regime”, Sawiris told the Daily News Egypt following his sentence’s suspension.
“We continue to be committed to investing in Egypt and supporting our core Egyptian work force in our capacity as Egypt’s largest private employer,” Sawiris added.
The report, which listed the 15 richest men in Egypt, mentioned that Onsi Sawisis came in fourth position with a net worth of $2.4bn.
The fifth, sixth and seventh went to Youssef Mansour, Mohamed Fayed and Yaseen Mansour respectively. The net worth of the three Egyptian billionaires was $2.3bn, $1.9bn and $1.8bn.
The last billionaire on the list, Samih Sawiris, took the ninth spot with around $1.3bn.
Ahmed Sewedy and Sadek Sewedy followed on the list with an equal net worth of $240.85m.
Raouf Ghabbour, Mohamed Kahmes, Mohamed Sewedy, AbdulRahman Hassan Sharbatly and Suleiman Abdul Mohsin tailed the list with the highest worth totalling $233.06m while the least’s worth was $152.19m.