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Egypt freezes assets of 93 large companies owned by Muslim Brotherhood affiliates

Khairat Al-ShaterEgyptian security sources revealed that the assets of 93 firms owned by Muslim Brotherhood (MB) leaders and members have been frozen in the wake of the interim government’s decision last Wednesday to label the group as terrorist organisation.


Sharif Amer, a presenter on MBC Misr TV, reported that security sources are claiming that the leaders and members of the MB hold foreign investments totalling about $5 billion, mostly concentrated in the Gulf States and Europe.

Amer noted the names of some prominent MB leaders and members whose companies were affected. This includes three companies owned by ousted President Mohamed Morsi’s aide, Essam Al-Haddad, and one owned by his former cabinet minister, Mohamed Bishr.

The presenter also named Mohamed Ibrahim, who owns 20 companies, and Helmi Al-Jazzar, whose shares in Group 21 for Investment and Commerce were frozen.

In addition, the assets of Deputy Leader Khairat Al-Shater, who owns three firms, and Second Deputy Rashad Bayoumi, who owns one large company, were also frozen.

However the freeze excluded the firms owned by MB businessman Hassan Malik.

Commenting on the issue, economic experts and analysts are expecting a severe economic “quake” in response to the move, undermining the already “collapsing” Egyptian economy.

MB leaders and members are widely known for running large and successful businesses across several industries, despite having spent many years behind bars and having their assets confiscated by the ruling regime from time to time.

Source: Pls48

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