Mubarak ally sentenced to 7yrs prison, $4bn

 

Hussein Salem

By MAHMOUD MAMLOUK - Translated by SAMAR SAMIR

CAIRO: The Cairo Criminal Court today sentenced Hussein Salem, a close ally of ousted President Hosni Mubarak, to seven years in prison and a U.S. $4 billion fine.

The fugitive businessman, currently held in a Spanish prison on money laundering charges, was found guilty in absentia of money laundering through selling Egyptian natural gas to Israel at below-market value.

Investigations revealed that Salem received money from foreign banks, including the National Societe Generale Bank and the Arab African International Bank.

Salem transferred some of his money and assets to his son and moved other assets abroad on his private plane, according to investigations.

Spanish authorities have not issued a decision on whether or not to deport Salem to Egypt, according to Magdi el-Shafei, director of the Egyptian Interpol.

El-Shafei said there are no new details in the negotiations between the Egyptian and Spanish Interpol over Salem’s extradition.

In related news, the Israeli government decided to trace Salem’s assets, presumed to be work billions of dollars, so they can be used to compensate Israel’s financial strains caused by the loss of reliable Egyptian natural gas.

There have been a number of explosions on the pipeline that carries Egyptian gas to Israel.