Egypt court drops corruption charges against Mubarak-era tycoon after reconciliation

An Egyptian court dismissed Thursday a corruption case against Mubarak-era business tycoon Hussein Salem and former agriculture minister Youssef Wali, after Salem was reconciled with the government, Al-Ahram Arabic reported.

The former minister was accused of selling 36 acres of land from Bayadeya Island in the governorate of Luxor to Salem while he was in office for an undervalued price. The case alleged that more than 700 million Egyptian pounds of public funds was squandered in the case.

A number of other businessmen were also defendants in the case, which was dismissed by a Giza criminal court.

Salem, 82, fled to Spain shortly after Egypt’s 2011 uprising that overthrew long-time president Hosni Mubarak. He has received two jail terms in absentia over corruption charges including squandering public funds, profiteering and money laundering.

In his reconciliation deal with the Egyptian government in 2016 the businessman tycoon and his family gave up 5.3 billion pounds, reportedly 75 percent of their wealth, including the Bayadeya island lands.

Source: Ahram Online