Hassan Malek Seeks Return of Mubarak-Era’s Rachid Mohamed Rachid
Hassan Malek, who was imprisoned under Mubarak with top Muslim Brotherhood leader Khairat el-Shater, his friend and business partner, said he was actively trying to persuade wealthy Egyptians to return and invest in the country.
Asked if he was personally involved in trying to persuade billionaires who have left Egypt and had their assets frozen or been convicted of economic crimes to come home, he said “Yes. I am inviting everyone to come to Egypt. It is very important to prioritize legislation and court cases should be solved first… before these people come back.”
Malek confirmed he was in contact with former Mubarak-era trade minister Rachid Mohamed Rachid, a respected liberal economist and businessman who fled to the United Arab Emirates during the uprising, and would like him to return to Egypt.
Rachid was sentenced to five years in jail and fined $1.57 million in absentia in 2011 for profiteering and squandering public funds. Several such sentences have recently been annulled on appeal and retrials ordered.
Asked about his contacts, Malek said: “It is a personal initiative with the coordination of the authorities. But it’s not my decision (whether or not to pardon Rachid). The decision in the end is for the court and the government.”
Asked whether all big businessmen were welcome to return regardless of the roles they played in the Mubarak era, he said: “I have no personal opposition towards any person… if their debts and obligations are first fulfilled.”
Malek said his organization was also trying to broker a solution to Cairo’s debt to foreign energy companies producing oil and gas in Egypt such as BP, Gas Natural, Petronas, Shell and Dana, that has accumulated since the 2011 uprising.
He disputed the figure of $9 billion cited by consultancy Executive Analysis and European diplomats for the total energy debt, saying it was far less, but declined to give a number.
“Some of their contracts needed to be reviewed because they were not balanced to cover both the national interest and the company interest. So some licenses were suspended when they expired, which made a bit of a problem,” Malek said.
“We tried to encourage them by giving them more concessions and rescheduling these payments (owed by Egypt). We opened other opportunities in the same field such as refineries and other projects they can take. Up to this moment, none of these companies has decided to leave,” Malek said.
He acknowledged that most foreign energy companies were still holding back on new investments in Egypt. “They want to see these problems tackled first. They want to see a clear road map, which is normal in such an environment.”
