Egypt: Deposed Mubarak May Retain Vast Wealth


"Gamal and Alaa are partners in the biggest trade and industrial companies in Egypt, practically paying nothing," Elaasar wrote in his book of Mubarak's two sons. Elaasar said the sons have shares in Chili's restaurants, Hyundai and Skoda auto dealerships, Vodafone, and several luxury hotel and residential properties.

Mansour Amer, chairman of Amer Group Holdings and franchisee of 19 Chili's restaurants in Egypt, denied any relation to Mubarak's family.

"We have nothing to do with any political figure," said Amer. "We are very well known in our community and we have no ties to them."

Dina Ghabbour, chief strategic officer of GB Auto, owner of the Hyundai dealership in Cairo, said the Mubaraks do not own any shares in the company.

The Mubarak family owns properties in London, Paris, Madrid, Dubai, Washington, D.C., New York and Frankfurt, according to a report from IHS Global Insight.

Davidson said the family's net worth, however -- $17 billion for Mubarak, $10 billion for his second son, Gamal, and $40 billion for the family -- are really just estimates.

"Of course, by definition, bank accounts in Switzerland are a secret so we cannot get a full picture," said Davidson.

Robert Springborg, a professor at the Naval Postgraduate School and a Middle East scholar, said while the family is very wealthy, they have not been extremely overt with their wealth.

"One of the sons has a nice apartment in Cairo but nothing hugely lavish," said Springborg. "There are many other people in Egypt who live a more lavish lifestyle than them."

Whatever Mubarak's wealth is, Davidson said Mubarak will not likelly be prosecuted until his entire regime falls.

"We've only had one man removed," said Davidson. "It's really only the beginning of the story."

-- This embed didnt make it to copy for story id = 12894079.
  • 1
  • |
  • 2
Join the Discussion
blog comments powered by Disqus
You Might Also Like...