Egypt: $1.8 billion recovered from Mubarak-era figures
Egypt has recovered around $1.8 billion in funds and lands corruptly appropriated by Mubarak-era figures, the state-run daily newspaper Al-Ahram reports on Sunday.
Investigations starting a month after Egypt's January 25 Revolution began in 2011 were fruitful and made it possible for Egypt to retrieve these funds last month, said Deputy General Attorney Adel El-Said on Saturday.
The governmental authorities are working now on banking up around $9 billion from specific persons working under the ousted president Mubarak’s umbrella who have been found guilty of corruption.
According to Egypt's newly-elected president, Mohamed Morsi, the recuperated funds will be deposited in a new account at the Central Bank no. 333/333.
Morsi encourages citizens and Egypt-based expatriates to support the Egyptian economy with financial donations through the same account.
In August, Egypt’s Ministry of Justice considered forming a committee to trace and recover Egyptian assets moved overseas by members of the old regime.
- With Sisi likely to take over, how will Egypt's 'military economy' look like?
- Will future talks between the IMF and Egypt help the country's economy?
- Is Iran's economy already thriving amidst limited sanctions relief? Apparently so!
- Invest your wealth or each person for himself? Growth and tackling inequality are the key
- Will UAE's new law really boost SME development in the emirates?