By Sayyed Fathi
CAIRO (AA) – The Egyptian government has struck a deal with fugitive businessman Hussein Salem to lift corruption cases against him in exchange for him conceding the majority of his fortune, an Egyptian official said Wednesday.
In a press conference held in Cairo, Adel el-Said, assistant of the Justice Minister and head of the Illicit Gains Authority, said Salem was ready to give away property and money worth 5.3 billion Egyptian pounds ($601 million) – 75 percent of his total wealth of 7 billion Egyptian pounds.
The properties to be ceded are eight palaces and a hotel in the Sharm al-Sheikh tourist resort, a golf course, a palace in western Cairo and other immovable property and stocks, el-Said said.
In exchange, the Egyptian public prosecution is expected to close cases against Salem and his son as well as grant them the freedom to travel to and from Egypt.
Salem, who has been living in Spain, was one of the wealthiest businessmen during the era of former president Hosni Mubarak, who he had a close relationship with.
After the January 2011 Egyptian revolution several major corruption cases were filed against Salem including for money laundering and exporting gas to Israel at prices below the market rate, which he has already been acquitted of.
Though the international police force Interpol had listed Salem, a Spanish court refused Egyptian request to extradite him saying there was no agreement to hand Spanish nationals to Egypt.
