Family of former Egyptian dictator Hosni Mubarak still own assets on British soil nearly two years after the British government was supposed to have confiscated all their possessions.
According to Egypt’s investment bank, EFG Hermes, Hosni Mubarak’s son, Gamal Mubarak, owns 17.5 percent of an investment fund registered in the British Virgin Islands. EFG Hermes said Gamal Mubarak, who is on trial in Egypt for corruption charges, earned around $880,000 annually from the fund. The revelation seriously challenges the British government’s stated interest in ensuring Mubarak family are prosecuted and their illegal assets are returned to Egyptians especially in the context of disclosures six months ago that the dictator’s former aides also have millions of pounds worth of unfrozen assets on the British mainland. This comes as Egyptian officials threatened to sue Britain for breaching international anti - corruption law back in September after the revelations about the unfrozen Mubarak - regime officials’ assets. London delayed an asset freeze that was part of a Europe - wide seizure of Mubarak regime’s assets by 37 days after Mubarak was ousted in February 2011. Part of the revelations made by a joint six - month investigation byThe Guardian, BBC Arabic and the London - basedAl Hayat newspaper showed one of the officials on the sanctions list, Naglaa al-Ghazaerly, wife of the former Egyptian housing minister, was able to register a company in her own name in London in November 2011, seven months after an order was given to freeze her assets. Meanwhile, Gamal Mubarak co-owned Medinvest Associates investment company with his father and continued to do so until early in 2012 year when he voluntarily dissolved the company. British officials have so far imposed a freeze on £85 million of assets belonging to Mubarak, his wife, two sons, and 15 other Egyptians. This is while Mubarak himself is accused of amassing £25 billion to £43 billion during his 29-year rule. British assistance to former Egyptian officials has not been limited to protections of them against asset freezes. Several high-profile former Egyptian officials freely live in Britain including former minister of finance Youssef Boutros Ghali, who was sentenced in absentia to 30 years in prison by an Egyptian court in 2011.