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Sponsor of Egyptian military’s housing project charged with corruption in Jordan

The Emirates-based Jordanian businessman who signed an agreement with the Egyptian military to build a million housing units for Egyptian youth had been accused of a number of corruption charges in Jordan.

Hasan Abdulla Ismaik, whose Arabtec Holding group will implement the housing project, is a defendant in a number of multi-million corruption cases in Jordan. A judicial source confirmed to Arabi21 website that Ismaik’s assets have been frozen in 2011 on charges of money laundering of $100 million.

Ismaik, 38, has been based in Abu Dhabi for a number of years. He has been brought to the limelight thanks to a deal in 2010, in which he purchased 49% of the German sports club TSV 1860 München. The 18 million Euros deal has been described at the time as a “rescue operation” for the club. Ismaik has taken part in unsuccessful negotiations with Jordan, brokered by senior government officials, to purchase major media foundations. He also negotiated the purchase of influential shares in three local Jordanian banks.

Jordanians still remember Ismaik’s buying of a special phone number sold in an auction by Zain cellular phone company, for which he paid $367,329.

Al-Mesryoon newspaper revealed that Ismaik’s security track record is full of surprises, particularly in the period between 1997 and 1999, in which five arrest warrants were issued against him. During this period, he had been accused of violating crime-prevention laws, forgery, and issuing blank checks.

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