Hosni Mubarak fortune estimated at $1.3bn USD

The family of Hosni Mubarak is said to have amassed an illegal fortune of around 9 billion Egyptian pounds

by The Commentator on 21 June 2013 12:10


The family of former Egyptian president Hosni Mubarak has illegally amassed wealth to the tune of 9 billion Egyptian pounds ($1.2bn USD or £0.8bn GBP).

Egyptian authorities released the information at a time when around 40 per cent of the Egyptian population is living below the poverty line.

Public attorney Mahmoud Al Hefnawi told a Cairo criminal Court on Thursday that the estimated wealth includes 3 billion Egyptian pounds in cash, corporate stakes worth 5 billion and real-estate assets worth 1 billion.

“Mubarak abused his influence to make illegal gains for himself and his family,” the state-run newspaper Al Ahram quoted Al Hefnawi as telling the court.

Mubarak was toppled in a 2011 uprising after nearly 30 years in power.

Al Hefnawi also accused Mubarak of obtaining five villas for himself and his two sons, Ala’a and Jamal, in the resort town of Sharm Al Shaikh.

At the end of a lengthy hearing, the court on Thursday rejected an appeal by the prosecution and upheld an earlier order to release Mubarak from detention.

But Mubarak, 85, is being kept in police custody in connection with other cases related to alleged waste of public money on renovating presidential palaces.

He is also being tried on charges of complicity in killing protesters during the 2011 revolt.

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