RISE PROJECT Uncovers Former Egyptian Ruler's Romanian Assets

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After the ousting of Hosni Mubarak, the dictator that ruled over Egypt for 30 Years, the new Cairo governments are trying to recover the billions that were illegally stashed abroad by the former regime's cronies. Hussein Salem was once one of the most powerful men in Egypt and was considered to be Mubarak's right hand. A former intelligence officer and the "father" of Sharm El Sheikh, Salem is now in custody in Spain together with his daughter Magda and son Khaled. All three of them are charged with bribing Mubarak and his family, with squandering public funds and with money laundering. RISE PROJECT Romania followed Hussein's money in the Eastern European country. Salem and both his children built a luxury shopping mall in the outskirts of Bucharest and were involved in other businesses as well. The Salem family made its entry in the Romanian market through a British Virgin Islands company that was used as a financial vehicle in other countries as well.

December 15, 2011

In December 2010, while the first Arab revolution was unfolding in Tunisia and while parliamentary elections were rigged in Egypt, Salem gave away most of his businesses in Bucharest to a Romanian family for 10 million US dollars. However, no record of the actual financial deal was registered with the company records and two of his business associates were left as minority shareholders in the Romanian company running the shopping mall.
Read more in Romanian here: http://www.hotnews.ro/stiri-esential-10920761-ancheta-oamenii-lui-hosni-mubarak-acum-condamnati-pentru-spalare-bani-ridicat-mall-marginea-bucurestiului.htm

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