ICEC

Fugitive tycoon Hussien Salem finally reconciles with Egypt government

Fugitive businessman and Mubarak ally Hussein Salem has completed a reconciliation agreement with the Egyptian government, assistant to Egypt’s justice minister announced Wednesday.

Adel El-Saeed, assistant to Egypt’s justice minister, told reporters in a press conference Wednesday that Hussein Salem had completed a deal with the Egyptian government to drop corruption charges in exchange for giving up 75 percent of his wealth in Egypt.

The Egyptian tycoon has abandoned 75 percent equivalent to 5.341 billion Egyptian pounds ($601.464 million) out of his total wealth in Egypt, which accounts for 7.122 billion pounds.

Salem fled to Spain during the 2011 revolution, and has since faced a laundry list of graft charges that could send him to prison for decades. He was sentenced in absentia to 15 years in prison on charges of misappropriation and squandering public funds for his role in a scheme to sell Egyptian natural gas to Israel at below-market prices. He also faces a 10-year sentence for illegally selling electricity.

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