Mubarak wealth probe begins TODAY!

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Mubarak wealth probe begins TODAY!

Post by Lurker on Mon Feb 14, 2011 2:01 am

Mubarak wealth probe begins today

Chief prosecutor vows to take swift action to prevent ousted president from fleeing

Dubai: Egypt's Chief Prosecutor of Appeals will begin investigations today into the wealth of ousted President Hosni Mubarak, his wife Suzan and two sons Ala'a and Jamal.

The investigation follows a complaint filed against the former president by the Freedoms Committee of the Egyptian Bar Association based on what it called the "unjustified swelling of Mubarak's and his family's wealth".

Mohammad Al Dimmati, head of the committee, told Gulf News he is seeking a fair investigation into reports about the wealth of theformer president and his family.

He said his complaint, which was filed on Thursday morning, received a response on Saturday, when General Public Prosecutor Abdul Majeed Al Mahmoud told him of the decision to investigate the case.

Hearing of the complaint will start at 10am Cairo time and is expected to last two hours.
[..]

Full Article here:
http://gulfnews.com/business/mubarak-wealth-probe-begins-today-1.761728


also see this related article:

Corrupt leaders may have cost Egypt $57.2b

Privately held wealth enough to cover $32b foreign debt


Dubai: Corruption, tax evasion and crime have cost Egypt approximately $6 billion (Dh22.03 billion) annually and a total of $57.2 billion from 2000 to 2008 in illicit financial activities and government corruption, according to a report by Washington-based Global Financial Integrity (GFI).

The fortune of steel mogul Ahmad Ezz, considered a symbol of corruption in Egypt, is estimated at 18 billion Egyptian pounds. Former Housing Minister Ahmad Al Maghrabi is credited with 11 billion Egyptian pounds and former Tourism Minister Zahir Ghoranah is alleged to be worth 13 billion pounds, according to judiciary sources that investigated the former ministers and businessmen, according to Egyptian media.

The much-hated former Interior Minister Habib Al Adly has eight billion pounds socked away in personal wealth and former Trade Minister Rashid Mohammad Rashid holds 12 billion pounds.

Full:
http://gulfnews.com/business/corrupt-leaders-may-have-cost-egypt-57-2b-1.761729


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they should have to spend the rest of their lifes in egyptian prisons Very Happy
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Re: Mubarak wealth probe begins TODAY!

Post by snark on Mon Feb 14, 2011 8:40 am

Wow, that was fast...but is 2 hours long enough to spend on this today? I would think proving financial fraud of this scale would take a bit longer. Perhaps the evidence is so overwhelming that 2 hours is all that's needed. And then they will issue arrest warrants, apparently? This should be good.

Popcorn
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Re: Mubarak wealth probe begins TODAY!

Post by snark on Mon Feb 14, 2011 8:41 am

Lurker I like how this story is in the BUSINESS section of Gulf News, lol. Note to dictators in the ME: Business is not as usual, be alert.
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Re: Mubarak wealth probe begins TODAY!

Post by Joe Bese on Mon Feb 14, 2011 9:07 am

snark wrote:Wow, that was fast...but is 2 hours long enough to spend on this today? I would think proving financial fraud of this scale would take a bit longer. Perhaps the evidence is so overwhelming that 2 hours is all that's needed. And then they will issue arrest warrants, apparently? This should be good.

Popcorn

The way I read it, the two hours is just for a formal hearing, presumably in a court of some sort.

The real investigation will take much longer, and be more private, I guess.
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Re: Mubarak wealth probe begins TODAY!

Post by Babsi on Mon Feb 14, 2011 9:25 am

Joe Bese wrote:
snark wrote:Wow, that was fast...but is 2 hours long enough to spend on this today? I would think proving financial fraud of this scale would take a bit longer. Perhaps the evidence is so overwhelming that 2 hours is all that's needed. And then they will issue arrest warrants, apparently? This should be good.

Popcorn

The way I read it, the two hours is just for a formal hearing, presumably in a court of some sort.

The real investigation will take much longer, and be more private, I guess.

Hey guys!! WOOT WOOT - I was waiting for them to do that on Mubarak. Yes, I think it's the initial meeting where evidence will be brought forward and reason to put him under so called "travel ban" and then request for all his funds to be frozen. There's still some assets and money/gold in other countries which have not frozen anything yet as they're waiting for court orders. Just like they did with some of the Ministers who can't travel and had their accounts frozen, should happen to the whole Mubarak clan too.

Ah, I hope so bad they will get the money back, pay off all the foreign debt, give some money to egyptian families, especially the ones who lost family members due to the Regime...people that were victim of corruption - actually, just give all the people 1 Mio. Egyptian Pounds and there will still be plenty left to put it into the economy to build schools, new roads or whatever. We would be the richest country in the world where everybody is a Millionaire...lol.

farao
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Re: Mubarak wealth probe begins TODAY!

Post by Lurker on Mon Feb 14, 2011 11:06 am

the formal request from Egypt to Britain to freeze Mubaraks assets has already been placed!

they're fast Very Happy

(London said during the weeking they need a formal request from Egypt to freeze assets)

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LONDON (AFP) – Egypt has asked Britain to freeze the assets of several former regime officials, and EU finance ministers will discuss the issue in Brussels on Monday, foreign minister William Hague said.

Hague also said Egyptian Prime Minister Ahmed Shafiq had told him opposition figures will be included in a reshuffled cabinet within the next week following the toppling of president Hosni Mubarak.

"We have... received a request from the Egyptian government to freeze the assets of several former Egyptian officials," Hague told parliament.


Full:
http://news.yahoo.com/s/afp/20110214/wl_uk_afp/egyptpoliticsunrestbritainbanking
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Re: Mubarak wealth probe begins TODAY!

Post by Lurker on Mon Feb 14, 2011 11:25 am

EU chairman Juncker said he would back a Europe Union freeze of Mubaraks assets Very Happy

http://www.forexpros.com/news/financial-news/eu%27s-juncker-says-would-back-mubarak-asset-freeze-194583
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Re: Mubarak wealth probe begins TODAY!

Post by snark on Mon Feb 14, 2011 3:10 pm

Meanwhile...we're studying the matter. I'm sure we'll drag our heels for our buddy.

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/14/AR2011021404619.html
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Re: Mubarak wealth probe begins TODAY!

Post by Strawberry on Thu Feb 17, 2011 12:45 am

Just off Rueters Tweeter

FLASH: U.S. Treasury issues advisory to U.S. financial institutions to closely monitor movement of Egyptian assets
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Re: Mubarak wealth probe begins TODAY!

Post by Strawberry on Thu Feb 17, 2011 12:46 am

http://www.reuters.com/article/2011/02/17/us-egypt-usa-assets-idUSTRE71G0GK20110217?WT.tsrc=Social%20Media&WT.z_smid=twtr-reuters_%20com&WT.z_smid_dest=Twitter

Treasury asks banks to monitor Egypt transactions
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Re: Mubarak wealth probe begins TODAY!

Post by Babsi on Thu Feb 17, 2011 10:00 am

Strawberry wrote:http://www.reuters.com/article/2011/02/17/us-egypt-usa-assets-idUSTRE71G0GK20110217?WT.tsrc=Social%20Media&WT.z_smid=twtr-reuters_%20com&WT.z_smid_dest=Twitter

Treasury asks banks to monitor Egypt transactions

I think that's why the reason banks are closed again...trying to get a handle on things and stop transactions. It's really inconvenient for us here as we can't pay bills...I hope banks open again Sunday.
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Re: Mubarak wealth probe begins TODAY!

Post by Lurker on Thu Feb 17, 2011 11:39 am

LOOOOOOL never heard of the vienna rumour Very Happy

on austrian news tv ZIB, the journalist just asked El Baradei "there are rumours that Mubarak may be in Vienna, gettint health treatment, have you heard that"

Baradei *laughs' "no I didn't.. Well, let's hope we won't become neighbours"


lol!

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