Egyptian Businessman Hussein Salem – File Photo Egyptian Businessman Hussein Salem – File Photo

Wealth billionaire Hussein Salem kept ‘past reconciliation’

Mon, Jul. 24, 2017
CAIRO – 24 July 2017: Hussein Salem returned from Spain, where he escaped from arrest, to stay in Egypt on Thursday while still in the process of giving back 75 percent of his wealth to the state over a reconciliation deal.

The billionaire businessman was convicted of illegal acquisition of 35 state owned feddans (1 feddan= 1,025 acres) , money laundering, and other corruption cases by Egyptian courts following the January 25 Revolution. The reconciliation deal saved the 90-year-old businessman 22 years in prison.

The total wealth of Hussein Salem

The Illegal Earning Authority made a 19-page report of all Salem’s properties and released it on April 20, 2011. According to the report, Salem was worth LE 350 billion ($19.5 billion) in owned hotels and factories, conference organizing, travel, agricultural land environment development, desalination companies and oil and energy investments.

The report indicated that Salem and his family own joint-stock companies in Sharm El Sheikh, Sinai, and Luxor at a value overpassing LE 30 billion ($16.7 billion).

Salem has shares of LE 63.165 million in Neama Gulf Company, while his son Khaled and daughter Magda have shares of LE 118.413 million and LE 71 million respectively in the same company.

That company owns Maritim Jolie Ville Resort at Sharm El-Sheikh.

Salem owns six companies in the tourism and hospitality sectors. One is Victoria Hospitality Company with an annual turnover of LE 37 million according to tax reports.
Salem, son, and daughter have shares in the companies of LE 89.220 million, LE 25.750 million, and LE 4.660 million of value.

Salem and his son have shares in Victoria Transport Company of LE 1.76 million, and LE 792,000 of value respectively.

Khaled Salem owns 16,000 shares of LE 1.6 million of value in an aviation company specialized in air taxis transporting maximum 27 passengers on demand.

Salem owns the Grand Luxor Hotel, Sharm El-Sheikh Company for Hotels, and conference centers of LE 50 million of worth. In addition, he owns El-Temsah Company for Tourism Projects.

That company is named after El-Temsah Island in Luxor on which Salem built Movenpick Jolie Ville as part of a tourist village comprising several buildings, chalets, pitches, swimming pools, and restaurants.

All that is on an area of 113 feddans; some of which Salem bought from citizens while the rest were given to him through Qena governorate and the General Authority for Reconstruction Projects and Agricultural Development.

The company’s turnover between 2005 and 2008 was LE 48.32 million. The shares of Salem, his son, his grand-daughter, and his grand-son in the company are respectively LE 14.995 million, LE 112.500 million, and LE 7.5 million for each of his grand-children.

Salem founded a desalination company in South Sinai to desalinate sea and wells
water, which is later bottled by a factory established by the same businessman to be supplied to his hotels and tourism projects.

Medallic Electricity Company of $75 billion of capital in addition to two other sub-companies called Midor and Midtap are also owned by Salem.

The tycoon owns 94,500 shares at a value of $94.5 million, while his son owns 54,000 shares at a value of $5.45 million, and his daughter owns 13,500 shares at a value of $1.35 million.

Salem has 108,000 shares of $10.8 million at the Irish company Coltex, and 172,500 shares in some banks such as Suez Canal Bank.

The Egyptian billionaire owns the companies Middle East for Oil Refinery, Middle East for Water Distribution Reservoirs and Pipelines, and El Shark Gas.

Most importantly, Salem owns the East Mediterranean Gas (EMG) founded in 2002, which has achieved revenues of $531 million till 2011.

The Egyptian businessman also owns many villas, chalets, luxurious apartments, and lands registered in the name of his wife Nazima, and children Khaled and Magda.
Salem owns a plane and his son owns a yacht worth LE 923,175.

The properties returned to state for reconciliation

The reconciliation agreement entailed that Salem would give back to the state LE 5.7 billion constituting 78 percent of his wealth value of LE 7,122,466,733, according to Al-Ahram newspaper. The Egyptian billionaire has already returned LE 4.280 billion.

The assets returned include Neama Gulf Company, four castles in Sharm El Sheikh and Hurghada, his shares in El-Temsah Company for Tourism Projects, 120 feddans in Sharm El-Sheikh, 16 reclaimed feddans in Beheira governorate, and a land northern Neama Bay stretching on an area of 1,728,000 square meters at a value of LE 32,184 million.

Furthermore, Salem disposed of his plane, South Sinai Company for Environment Development whose capital is LE 9 million, the Arab Company of Petroleum and Energy Investments whose capital is LE 5 million as well as Medor Company for Electricity located in Alexandria.

The properties kept by Salem

Salem kept Movenpick Jolie Ville stretching on 131 feddans in El-Temsah Island in Luxor in addition to his shares in EMG. He also kept a villa in 6th October City, a villa in Sharm El Sheikh, and a building in Almaza neighborhood in Cairo.


 
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