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Egypt authorises Mubarak ally to be dropped from Interpol watchlist

September 30, 2016 at 2:53 pm

Egyptian billionaire Hussein Salem [Almesryoon]

Egypt has told Interpol and the European Union to drop charges against business tycoon Hussein Salem, an ally of former Egyptian president Hosni Mubarak. Salem’s family reached a reconciliation agreement with the Egyptian government in March which stipulated that they would give up 75 per cent of their wealth – $596.85 million – including a private jet so that they could return to Egypt without fear of prosecution.

Salem was arrested under an international warrant in Spain in 2011 after fleeing the country following the Egyptian Revolution. He was sentenced by an Egyptian court in absentia to 15 years in prison and fined more than $4 billion after being convicted of money laundering and profiteering.

Salem was a major shareholder in East Mediterranean Gas, which exported gas to Israel, and was also sentenced for squandering public funds for his role in selling Egyptian natural gas to Israel at below-market prices. Salem was cleared in 2014.

Salem has been trying to find a way to return to Egypt since 2013. If he is successful his return will set a precedent for other reconciliation agreements with former businessmen and Mubarak allies.