Egypt: $1.8 billion recovered from Mubarak-era figures

Published November 12th, 2012 - 03:00 GMT
After the revolution, Egypt has attempted to recover money from corrupt officials
After the revolution, Egypt has attempted to recover money from corrupt officials

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.


© Copyright Al-Ahram Publishing House

You may also like