Report: Mubarak $70 billion in banks

Ousted President Hosny Mubarak reportedly has $70 billion in foreign banks according to a report by the Egyptian General Intelligence’s National Security Commission published in the state run newspaper Akhbar-El-Youm on 26 July.

The report claims that Mubarak, using assumed names, transferred EGP 50 billion on 25 January 2011. Most of his money is reported to be in Swiss, American and British banks. The Commission’s report also claims that Mubarak has EGP 35 billion worth of real estate inside Egypt, gained through abuse of influence.

“All of these numbers are estimates and guesses. No one can find how much money the family has,” said Assem Abdul Mo’ty, Honorary Chairman of the Central Accounting Apparatus’ watchdog organisation, Observers Against Corruption.

The report not only touches on Mubarak’s amassed wealth but also on that of his entire family: his wife, Suzanne Mubarak, and their two sons Gamal and Alaa. All of them except for Suzanne are currently behind bars.

“We will never get the money as long as we don’t have the political will to get it,” said Abdul Mo’ty. “We do not have the political will to ask for the money. And I am telling you that you will not see one pound of this money in the next 20 years.”

Acccording to Abdul Mo’ty, part of the problem is that the head of the central bank, Farouk El Okda, has not been replaced. His tenure was renewed for four more years last November by the Supreme Council of Armed Forces which ruled the country for six months.

In order to get the money, he explained, it is necessary to present a document endorsed by a court ruling.

“After any revolution, the governor of the central bank is either deposed, given leave or his or her resignation is accepted. This way, you can get someone else in their place and this is the only way you can have access to the data from before the revolution. Why hasn’t this happened in Egypt?” Abdul Mo’ty asked.

Abdel Mo’ty explains that all of the battles being fought now are to make sure that whoever was in charge before the revolution remains in charge. He believes that many heads should have resigned after the revolution, including the Attorney General, Abdul Meguid Mahmoud.

According to Abdel Mo’ty, the problem in Egypt is with the same people running the relevant institutions since before the 2011 uprising.

“You’ve removed the head of the state but the body is still there,” he explained. “It’s like arresting the head of a mob but the rest are still there,” he said.