'The father of Sharm el-Sheikh': Egyptian business tycoon asks for his assets back

Published January 4th, 2015 - 11:17 GMT
Al Bawaba
Al Bawaba

Business tycoon Hussein Salem has submitted a request to the Illicit Gain Authority for reconciliation with the Egyptian government and the unfreezing of his assets, a source at the authority told Al-Ahram’s Arabic news website.  

A judicial source at the Illicit Gains Authority stated that Salem did not offer financial compensation in return for the request and that it is currently investigating the matter.

Salem, together with ousted president Hosni Mubarak, was acquitted on illicit gains charges of exporting Egyptian natural gas to Israel at below market rates.

Since the 25 January revolution in 2011, Salem has been residing in Spain and has been tried in absentia.

When the court dropped his charges last November, he made several media statements assuring that he would return to his home country once all legal matters are settled.

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