Egypt asked authorities in Switzerland, Spain and Hong Kong on Tuesday to unfreeze the assets of Mubarak-era tycoon Hussein Salem.
The national committee tasked with recovering funds and assets abroad, headed by the public prosecutor, issued the decision after a committee meeting.
The decision included the removal of Salem’s name from the Interpol’s Red Notice and watch lists.
The move comes on the heels of a reconciliation agreement reached with Salem and his family in return of EGP 5.341 billion, which represents 75 per cent of their assets in Egypt and abroad, the illicit gains authority said early August.
According to the authority, the total wealth of Salem is valued at EGP 7.122 billion.
Salem had fled Egypt to Spain after being charged of wasting public money in the wake of the 2011 Uprising, which led to the ouster of Hosni Mubarak after he ruled the country for 30 years. He is known for being an associate of Mubarak.
He was sentenced in absentia in several cases for profiteering from his relation with Mubarak, the illegal acquisition of land in Luxor and charges related to exporting gas to Israel.
Salem was acquitted of the charge of exporting gas to Israel below market prices, in February 2014.
Source: Aswat Masriya
