Egypt recovers $1.8 bln of Mubarak-era looted funds

[DJKeefy]

Egypt has recovered around $1.8 billion in funds and lands corruptly appropriated by Mubarak-era figures, the state-run daily newspaper Al-Ahram reports on Sunday.

Investigations starting a month after Egypt's January 25 Revolution began in 2011 were fruitful and made it possible for Egypt to retrieve these funds last month, said Deputy General Attorney Adel El-Said on Saturday.

The governmental authorities are working now on banking up around $9 billion from specific persons working under the ousted president Mubarak’s umbrella who have been found guilty of corruption.

According to Egypt's newly-elected president, Mohamed Morsi, the recuperated funds will be deposited in a new account at the Central Bank no. 333/333.

Morsi encourages citizens and Egypt-based expatriates to support the Egyptian economy with financial donations through the same account.

In August, Egypt’s Ministry of Justice considered forming a committee to trace and recover Egyptian assets moved overseas by members of the old regime.

Source: http://english.ahram.org.eg/NewsContent ... funds.aspx

[Horus]

Morsi encourages citizens and Egypt-based expatriates to support the Egyptian economy with financial donations through the same account.

That made me laugh along with all those flying pigs I can see, they argue about the price of a taxi fare and all have student cards for the monuments, he must mean Egyptian Exprats. He could always make it a condition of getting a visa renewal, no donation, no visa, that should reaise him a few bob in his numbered account.

[LovelyLadyLux]

Ewwwwww ahhhhhh - I'm going to add this Bank to my year-end 'charitable giving' list! Wonder if they're handing out tax exempt forms per donation? Just can't believe this great idea!

[Grandad]

Great to start today with a good laugh.

But I wonder who holds the cheque book to draw on that account, not your average hard pressed Egyptian that's for sure.

Any recovered funds, and there is still a lot to find, should be used to benefit the community at large and not stashed away and used for some government whim or, who knows, even military arms procurement.

I don't think I will add that account to my charity list, but I will be going to Luxor in the new year so I will have an opportunity to at least give a little support directly to some in the local community.

[LovelyLadyLux]

Kinda wonder what it cost to recover the funds and wonder what the actual monetary amount of money is? Guess I can't really say that none of it is 'free and clear' money, maybe 'found money'.......BUT THEN ........ am sure all the new politicians will NEED new digs, office furniture, living arrangements, cars, servants and on and on and on and on.......

Am quite certain the 'average' Joe on the street won't see a proverbial piastre of this 'recovered' amount........

Course - "ART" is always a good investment for the new politicians AND it makes their offices look oh so good.........a million +1 way to say "ALLAH" in gold lettering is always appropo.........