Egypt strikes deal to drop businessman corruption cases.
Fugitive businessman Hussein Salem expected to forfeit more than $600m in exchange for corruption cases being dropped
World Bulletin / News Desk
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.
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