x Abu Dhabi, UAEThursday 20 July 2017

Egyptian tycoon Hussein Salem hid his wealth offshore

The Egyptian tycoon, Hussein Salem, converted his friendships with Hosni Mubarak and other leading officials into fabulous wealth, almost all of which, investigators say, he hid in offshore companies and bank accounts stretching from France to Hong Kong.

The Egyptian tycoon, Hussein Salem, converted his friendships with Hosni Mubarak and other leading officials into fabulous wealth, almost all of which, investigators say, he hid in offshore companies and bank accounts stretching from France to Hong Kong.

Egyptian investigators examining the financial dealings of Mubarak-era political and business figures found only meagre amounts of cash held in Mr Salem's name in Egypt.

Mr Salem's relationship with Ali Evsen, a Turkish tycoon, is the subject of investigations by the Egyptian and Spanish governments. Soon after Mubarak and his sons were indicted on corruption charges, a Panama-registered company, with Salem's two children listed as directors, suddenly changed over to two employees of Mr Evsen.

Untangling the webs of offshore companies and foreign bank accounts of former confidantes and officials of the Mubarak regime remains one of the most formidable tasks in Egypt's hunt for "stolen" assets around the world.