Foto

Egyptian tycoon and Mubarak ally Hussein Salem dies

Egyptian tycoon and Mubarak ally Hussein Salem dies August 14, 2019 at 12:58 am | Published in: Africa , Egypt , Europe & Russia , News , Spain Egyptian billionaire Hussein Salem [Almesryoon] August 14, 2019 at 12:58 am Hussein Salem, one of Egypt’s most prominent businessmen and an ally of deposed president Hosni Mubarak, died in Spain on Tuesday, his niece and state media said.

Reuters reports that Salem was arrested in 2011 under an international warrant in Spain, where he fled in the aftermath of the 18-day popular uprising that ended Mubarak’s 30-year rule.

Read: Egypt offers free patriotism courses

An Egyptian court sentenced him in absentia to seven years in jail and fines totalling more than $4 billion in 2011 after convicting him of money laundering and profiteering.

In 2016, Salem, who also holds Spanish citizenship, struck a deal to allow him and his family to return to Egypt without facing prosecution in return for giving up 75 percent of their wealth.

The deal was part of a wider reconciliation effort with wealthy businessmen who fled Egypt to avoid corruption charges after the uprising.

Categories Africa Egypt Europe & Russia News Spain Show Comments