Seized properties of Egypt’s banned Muslim Brotherhood worth $1.1 bln

The aggregate value of seized assets, cash and personal banking accounts that belong to members of Egypt’s banned Muslim Brotherhood are worth the equivalent of $1.1 billion, according to Ahram Online calculations based on an official inventory announced on Sunday.

The assets include 105 schools (valued at LE283.8 million) and 43 hospitals (valued at LE111 million) nationwide.

However, excluded from Ahram Online calculations were 460 cars and 318 acres of arable lands that were owned by the banned organisation, but have also now been frozen.

The state committee, which is tasked with appraising and freezing Brotherhood funds, said at a press conference in Cairo that the seized funds includes bank credits of 1370 members worth LE154.7 million, US$2 million, €435,000 euros, 1.3 million Saudi riyals, £9,000 and 16,480 Swiss franc.

The list of seizures also comprises of bank credits of 1125 non-government organisations worth $64,000 (LE20 million), bank credits of 62 companies worth LE17.4 million, $117,000 and €7,000, according to judge Ezzat Khamis, the head of the committee, which was formed in 2013 under then interim president Adly Mansour.

The committee also revealed that 19 exchange shops with frozen credits of LE82 million are affiliated with the banned organisation.

Cash worth LE5 billion and LE3.5 billion was also seized from the safes of the schools and hospitals, the committee said.

The Egyptian government’s crackdown on Brotherhood members and their activities started in 2013 following the ouster of president Mohamed Morsi, who hailed from the group.

source: Ahram online