Court upholds decision to confiscate funds of fugitive businessman Hussein Salem and others

Sunday 17-05-2015 PM 05:59
Court upholds decision to confiscate funds of fugitive businessman Hussein Salem and others
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CAIRO, May 17 (Aswat Masriya) - A Cairo court upheld a decision to confiscate the funds of business tycoon Hussein Salem, and the funds of a former petroleum minister on Sunday.

Today's decision includes Salem's wife, and Sameh Fahmy, a minister from the era of toppled president Hosni Mubarak. It also includes Fahmy's wife and children, all of whom can no longer dispose of their funds, whether in the form of money or real estate.  

The seizure of their funds comes amid an investigation prosecutors are conducting to look into accusations of intentional graft carried out in between a petroleum company represented by Salem and an electricity company which Salem chaired.   

The court said there was enough evidence to seize the funds until the investigation is complete. 

Previously, Egypt's top prosecutor had ordered that the funds of those facing the investigation are confiscated. 

Salem and Fahmy appealed the former decision to seize their funds, but the appeal was rejected today. 

Since Mubarak's toppling in the January 2011 uprising, Salem faced several trials for profiteering from his relation with Mubarak, the illegal acquisition of land in Luxor and charges related to exporting gas to Israel. 

He was acquitted of the charge of exporting gas to Israel below market prices, in February 2014.  

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