Sisi government seizes billions in assets of Brotherhood members

Since 2014, the government of Abdel Fattah Al-Sisi has seized property and assets belonging to Muslim Brotherhood members valued at 50 billion Egyptian pounds ($2.8 billion), Erem News Network reported on Tuesday.

According to the UAE-based outlet, the head of the Egyptian government panel set up in 2014 to confiscate the funds and property of Brotherhood members, Mohamed Abul-Fotouh, said that the items confiscated include moveable and unmoveable property.

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Items belonging to 1,370 members of the Muslim Brotherhood, which was banned by Al-Sisi in 2014, has been confiscated, Erem News added.

Speaking at his office in a villa confiscated from a member of the popular movement, Abul-Fotouh said that the property taken also included 200 school buildings worth 3 billion Egyptian pounds. The schools were handed over to the ministry of education.

In addition, he said, 560 companies with a total capital of 100 million Egyptian pounds have been taken by the government; 1,166 charities with deposits in their bank accounts worth 20 million Egyptian pounds; 460 vehicles; 318 acres of land; 43 hospitals and healthcare centres worth 111 million Egyptian pounds; and 580 offices.

The panel said that it also confiscated currency exchange firms, claiming that they were used for channelling money to the Brotherhood, which most reasonable people accept was among the most moderate and organised Islamist groups in the world.