Egypt lifts assets freeze of Mubarak-era trade minister


Thu, 09 Mar 2017 - 09:53 GMT

Former Trade Minister Rashid Mohamed Rashid - YOUM7 (Archive)/Sami Wahib

Former Trade Minister Rashid Mohamed Rashid - YOUM7 (Archive)/Sami Wahib

CAIRO – 9 March 2017: Egyptian authorities have lifted the freeze on the assets of former Trade Minister Rashid Mohamed Rashid and his family both inside and outside Egypt, and his name has been removed from the travel ban list, his attorney Ashraf Abu El Kheir announced Thursday,

according to Youm7


Abu El Kheir confirmed that Rashid will be able to return to Egypt anytime and can travel freely without being arrested.

All criminal charges against Rashid were dropped following a reconciliation deal with the government that was approved in November. The deal required Rashid to pay nearly EGP 500 million to the government, a judicial source told

Ahram Online


Rashid, who fled the country during the 18 days of January 25 Revolution in 2011, had been sentenced to five years in absentia for embezzling public funds and another

15 years

for allegedly smuggling half a million pounds out of the country, along with his daughter. They were also charged with a fine of EGP 522 million.

The reconciliation deal also dropped the criminal proceedings in two other cases against Rashid, involving illegal seizure of assets from Egypt’s Export Support Fund and wasting public money that belonged to the Industrial Modernization Fund.

The Egyptian court had

annulled another ruling

freezing the assets of Mubarak-era business tycoon Hussein Salem in February, after the latter agreed to pay EGP 5.3 billion to reconcile with the government.

According to data released by Egypt’s Illicit Gains Authority, 37 of 93 requests for reconciliation deals from Mubarak regime figures, businessmen and public servants had ended in settlements by August 2016,

Ahram Weekly reported




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