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« on: Feb 05, 2011 12:24 PM »


Mubarak family fortune could reach $70bn, say experts


Egyptian president has cash in British and Swiss banks plus UK and US property
The Guardian

 

Gamal and Hosni Mubarak Gamal and Hosni Mubarak are reported to have built up huge fortunes, including properties in London.

President Hosni Mubarak's family fortune could be as much as $70bn (£43.5bn) according to analysis by Middle East experts, with much of his wealth in British and Swiss banks or tied up in real estate in London, New York, Los Angeles and along expensive tracts of the Red Sea coast.

After 30 years as president and many more as a senior military official, Mubarak has had access to investment deals that have generated hundreds of millions of pounds in profits. Most of those gains have been taken offshore and deposited in secret bank accounts or invested in upmarket homes and hotels.

According to a report last year in the Arabic newspaper Al Khabar, Mubarak has properties in Manhattan and exclusive Beverly Hills addresses on Rodeo Drive.

His sons, Gamal and Alaa, are also billionaires. A protest outside Gamal's ostentatious home at 28 Wilton Place in Belgravia, central London, highlighted the family's appetite for western trophy assets.

Amaney Jamal, a political science professor at Princeton University, said the estimate of $40bn-70bn was comparable with the vast wealth of leaders in other Gulf countries.

"The business ventures from his military and government service accumulated to his personal wealth," she told ABC news. "There was a lot of corruption in this regime and stifling of public resources for personal gain.

"This is the pattern of other Middle Eastern dictators so their wealth will not be taken during a transition. These leaders plan on this."

Al Khabar said it understood the Mubaraks kept much of their wealth offshore in the Swiss bank UBS and the Bank of Scotland, part of Lloyds Banking Group, although this information could be at least 10 years old.

There are only sketchy details of exactly where the Mubaraks have generated their wealth and its final destination.

Christopher Davidson, professor of Middle East politics at Durham University, said Mubarak, his wife, Suzanne, and two sons were able to accumulate wealth through a number of business partnerships with foreign investors and companies, dating back to when he was in the military and in a position to benefit from corporate corruption.

He said most Gulf states required foreigners give a local business partner a 51% stake in start-up ventures. In Egypt, the figure is commonly nearer 20%, but still gives politicians and close allies in the military a source of huge profits with no initial outlay and little risk.

"Almost every project needs a sponsor and Mubarak was well-placed to take advantage of any deals on offer," he said.

"Much of his money is in Swiss bank accounts and London property. These are the favourites of Middle Eastern leaders and there is no reason to think Mubarak is any different. Gamal's Wilton Place home is likely to be the tip of the iceberg."

Al Khabar named a series of major western companies that, partnered with the Mubarak family, generated an estimated $15m a year in profits.

Aladdin Elaasar, author of The Last Pharaoh: Mubarak and the Uncertain Future of Egypt in the Obama Age, said the Mubaraks own several residences in Egypt, some inherited from previous presidents and the monarchy, and others the president has commissioned.

Hotels and land around the Sharm el-Sheikh tourist resort are also a source of Mubarak family wealth.
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« Reply #1 on: Feb 05, 2011 09:30 PM »

Asalaamu Alaikum bro

If these figures are anywhere near true then this is simply jaw dropping!

In 2010, Carlos Slim was thought to be the richest man in the world with a net worth of approximately $55bn.

One does wonder whether Mubarak actually needs more time in office to cover up any incriminating paper trails which a new government may discover.

If he has indeed placed personal gain ahead of national interest, then being 'fed up' should be the last of his worries!!!

Say: "O ye my servants who believe! Fear your Lord, good is (the reward) for those who do good in this world. Spacious is God's earth! those who patiently persevere will truly receive a reward without measure!" [39:10]
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« Reply #2 on: Feb 06, 2011 07:43 PM »

So typical - hoarding $$$ while their people suffer. It doesn't even matter if they collected this money by legit means or the fact that they had more access to certain deals due to their position - it is just ridiculous. Of course, they are not going to use their own money to help their people, but I almost wish that could happen, but in this world, not likely, right?

That whole quote about being "fed up" - if that is true, wouldn't you have left, maybe 5-10 years ago???

As it is stated in the article, knowing that they could be overthrown or that this is their opportunity to gain riches and stores them overseas, as far as they are concerned their are secure - with or without power. But as BrKhalid said, he will have a lot more issues to deal with if the people/new govt. go after him and his savings via investigation, etc.

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« Reply #3 on: Feb 07, 2011 02:41 AM »

A report came out a few months ago about Indian politicians and their hidden treasures in tax havens abroad, the total amount was estimated to be $1.5 trillion !! Considering that it has been just 63 years since independence, these guys have plundered the country far worse than Mubarak has.
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