Egypt requests unfreezing of Hussein Salem’s assets abroad following reconcilation

Egyptian Attorney General Nabil Sadek said on Tuesday that he is asking foreign countries to unfreeze the assets of fugitive businessman Hussein Salem after the Egyptian government reached a settlement with the tycoon in exchange for him ceding 75 per cent of his fortune.

Sadek, who is also the chief of a national committee to retrieve funds and assets abroad, sent the official requests to Switzerland, Spain and Hong Kong after the business tycoon gave up EGP 5.3 billion ($596.5 million) to the government.

According to a statement, Egypt will also ask Interpol to lift Salem’s name from its “red notice” list and for him to be allowed unimpeded travel.

Salem’s lawyer Mahmoud Kubeish said in a statement that Salem’s health will determine the date of his return to Egypt.

Last month, Adel el-Said, assistant of the justice minister and head of the Illicit Gains Authority, said the Egyptian government had struck a deal with the fugitive businessman to lift corruption cases against him in exchange for him ceding the majority of his fortune.

Salem fled to Spain shortly after Egypt’s 2011 uprising which overthrew President Hosni Mubarak. He was a major shareholder in East Mediterranean Gas, which exported gas to Israel.


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