Egypt urges West to release tycoon’s funds

Egypt’s prosecutor-general yesterday sent a request to judicial authorities in three countries to unfreeze the assets of business tycoon Hussein Salem and his family following a final reconciliation with the Egyptian government.

In an official statement by the prosecutor-general’s office, top prosecutor Nabil Sadek – who is also the chief of a national committee to retrieve funds and assets abroad – sent the official requests to Switzerland, Spain and Hong Kong.

It is believed that Salem gave the Egyptian government 5.3 billion Egyptian pounds ($0.6 billion) as part of his obligations under a reconciliation agreement with the state. This represents 75 per cent of his total asset inside Egypt and abroad.

Sadek also requested Interpol remove Salem’s name and that of his family from the “red notice” list.

The 82-year-old Egyptian-Spanish citizen fled to Spain shortly after Egypt’s 2011 uprising that overthrew President Hosni Mubarak. He has received two jail terms in absentia over corruption charges including squandering public funds, profiteering and money laundering.

Salem was a major shareholder in East Mediterranean Gas, which exported gas to Israel.