Mubarak-era Tycoon Salem seeks Reconciliation, Asset Recovery

A judicial source at the Illicit Gains Authority tells Al-Ahram’s Arabic news website that business tycoon is seeking to recover his assets from the Egyptian government

According to Ahram Online, business tycoon Hussein Salem has submitted a request to the Illicit Gain Authority for reconciliation with the Egyptian government and the unfreezing of his assets, a source at the authority told Al-Ahram’s Arabic news website.

A judicial source at the Illicit Gains Authority stated that Salem did not offer financial compensation in return for the request and that it is currently investigating the matter.

Salem, together with ousted president Hosni Mubarak, was acquitted on illicit gains charges of exporting Egyptian natural gas to Israel at below market rates.

Since the 25 January revolution in 2011, Salem has been residing in Spain and has been tried in absentia.

When the court dropped his charges last November, he made several media statements assuring that he would return to his home country once all legal matters are settled.

The source affirmed this Sunday that the amendments applied on the illicit gain low-once issued- will organize the reconciliation process. The negotiation will officially be initiated with Salem to reconcile with the tycoon with paying the state’s dues.