EGYPTIANS DEBATE EFFORTS TO BRING BACK MUBARAK’S BILLIONS USING RECONCILTATION DEALS

The Al-Monitor on 5th July reported that Egyptians are divided over whether former officials should be offered the chance to pay back looted funds in exchange for dropped charges as authorities work to bring back the estimated billions of dollars smuggled abroad during the reign of former President Hosni Mubarak.  This as Giza Criminal Court continued  the retrial of Habib al-Adly, the interior minister under President Hosni Mubarak, charged with embezzling almost $29 million, and whether Adly will seek a so-called “reconciliation deal”, submitting a request to reconcile with the state and give back the misappropriated funds in exchange for charges being dropped.  Reconciliation deals have been available since July 2015 following a legislative amendment.  They are said to have followed the failed attempts to recover funds removed to foreign jurisdictions.  The article asks how successful the use of such deals has been – the Illicit Gains Authority claiming it has recovered some $369 million.

http://www.al-monitor.com/pulse/originals/2018/07/egypt-reconciliation-restore-looted-funds-mubarak-tycoons.html#ixzz5KRkf5fHK

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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