Egypt Palm Hills’ Chairman Returns Home

Yasseen Mansour – the Chairman of Egypt’s second largest real estate developer Palm Hills Developments (PHD) (PHDC.CA) – has returned to Egypt on Monday to resume managing the firm as its chairman at headquarters in Smart Village.

The return of Egypt’s fifth richest man, the 51-year-old Mansour, comes after facing allegations of corruption in a case involving the sale of state land to Palm Hills.

Mansour was previously chairman of Palm Hills and of Credit Agricole Bank, but resigned and left the country after the fall of Hosni Mubarak when he was charged with corruption over the misappropriation of state land for Palm Hills. In July 2012 he was cleared of the charges.

Mansour, whose fortune is worth around $2 billion according to Forbes, is the brother of Mohamed Mansour and Youssef Mansour, who own the Egyptian conglomerate the Mansour Group.