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Egyptian court annuls asset freeze on Mubarak-era tycoon

Egyptian billionaire Hussein Salem
Egyptian billionaire Hussein Salem [Almesryoon]

An Egyptian court ruled on Tuesday to annul the asset freeze on fugitive Mubarak-era business tycoon Hussein Salem and his family. The court accepted a complaint filed by Salem against a previous decision by the Prosecutor-General that barred him and his two sons from disposing of their assets, a judicial source has revealed.

Salem was known for his close relationship with former president Hosni Mubarak, who was ousted in a popular uprising in 2011. The tycoon fled the country after Mubarak's ouster and was sentenced to prison in absentia on charges of corruption and money laundering.

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The source, who spoke on condition of anonymity because he was not authorised to talk to the media, told Anadolu that the Cairo Criminal Court accepted the complaint filed against the asset freeze decision by Salem, his sons Khaled and Magda, and their minor children (who were not identified in the ruling). Salem has reached a reconciliation agreement with the authorities, the source said.

On 24 August, Egypt's Prosecutor-General Nabil Sadek said that he had decided to address Interpol and three foreign countries to lift the freeze on Salem's funds and property. This was just weeks after the Egyptian government had announced it reached a reconciliation with Salem stipulating that he would give up 75 per cent of his wealth, valued at 5.3 billion Egyptian pounds in cash (more than $596 million).

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