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Thursday, 4 August 2016

Gov’t finalizes settlement with Hussein Salem and family for EGP 5 bn

The Illicit Gains Authority has completed a settlement with exiled Mubarak-era businessman Hussein Salem and his family, Al Masry Al Youm reported. Just don’t count your chickens, as this is at least the third time such a settlement has been announced. The agreement was reportedly reached after the Salem family agreed to forfeit EGP 5.34 bn worth of assets to the state, representing 75% of the family’s net worth, according the Authority. Al Mal says that following the settlement’s completion, the names of Salem and his those of his family were removed from Egypt’s no-fly lists. Salem gave up assets including eight villas and a hotel in Sharm El Sheikh, a golf course and villa by the North Coast, as well as two plots of land in New Cairo, among others, according to Al Ahram.

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