Corruption - Seizing of bank accounts.

[Alan Cockayne]

I have brought this to the forum's attention because there are familiar names on this list who represented the Real Estate Sectors. I believe this to be the tip of a huge ice-berg of malpractice.


Misr for Central Clearing, Depository and Registry Company (MCDR) has announced the names of 25 Egyptian officials and their families whose shares have been frozen.
"The shares have been frozen of officials under investigation, following the request of the General Prosecutor," Mohamed Abdel Salam, head of MCDR told Ahram Online.

The officials' names are as follows:

Mohamed Hosni Mubarak, former President of Egypt and his wife, Suzanne Saleh Thabet. Also the two sons of the former President, Alaa Mubarak, his wife Heidi Rassekh and their son Omar Mubarak and Gamal Mubarak, his wife Khadiga el-Gamal and their daughter Farida Mubarak.

Habib el-Adly, former Minister of Interior, his wife Elham Salem and their son Sherif el-Adly.

Ahmed el-Maghrabi, former Minister of Housing and his wife Naglaa el-Gazaeerly.
Ali Halawa, Chief Executive Officer, Egyptian Contractor Company and his wife Fatma Hassan.

Mustafa Nassrat, his wife Sanaa Morsi and his son Waleed Nassrat.
Nabil Seleem, the head of the Egyptian General Company for Tourism and Hotels (EGOTH) and his wife Ghada Melmat.
Ahmed Ezz, senior member of the National Democratic Party (NDP) and steel tycoon and his three wives, Abla Salama, Khadiga Yassin and Shahinaz el-Naggar, in addition to his son Ahmed Ezz.

Rachid Mohamed Rachid, former Minister of Trade and Industry and his wife Hania Fahmy.

Mohamed Garana, former Minister of Tourism, his wife Jilan Shawkat and his children Habiba Garana, Amir Garana and Adham Garana.

Hesham el-Hazek, his two wives Ocsana Pavikina and Rania el-Khatibi and his son Amr el-Hazek.

Medhat el-Meligi, head of the Exporters Union, his wife Rasha el-Sherbini and his two daughters Ziena el-Meligi and Leila el-Meligi.

Mohamed Fadly, former Chairman of government owned "Akhbar" news organization, his wife Soaad Ahmed and his son Mohamed Fadly.

Wahid Attalah, CEO and founder of Spectrum Consultants.

Yassin Mansour, business tycoon, head of the Mansour Group and Maghrabi Investment Company, and his wife Shereen Mustafa and his children Rawia Mansour, Ismail Mansour and Khadiga Mansour. Mansour is also the brother of former Minister of Transport Mohamed Mansour and cousin of imprisoned ex-Minister of Housing, Ahmed el-Maghrabi.

Amr Assal, chairman of General Authority for Industrial Development, his wife Maha el-Halougy and his three children Mohamed Assal, Farida Assal and Mentallah Assal.

Faisal el-Shaabi.

Anas el-Feqi, former Minister of Information, his wife Sahar Selim and his two children Hana el-Feqi and Ahmed el-Feqi.

Osama el-Sheikh, former President of the Egyptian specialized channels sector and his wife Ebtsam Maqsoud.

Suliman Amer and his wife Ahlam Mustafa.

Helmi Abul Esh, his wife Kartaman Abul Esh and his daughter Salma Abul Esh.
Adham Nadim, his wife Hend Mustafa and his two children Habib Nadim and Nadim Nadim.

Hassan Tantawi and his wife Khadiga Ismail.



Alan.

 

[shilly]

HMMMM there seems to be names missing off this list

 

[Alan Cockayne]

Mubarak to face charges in Cairo.

Former MP says Mubarak to be questioned - Bikya Masr

 

[sharmelsheikh]

The list

Many more names, not as yet revealed, would be added to the list. What about the late Hatem Abdel Hameed Adbdella and his wife Rhania Mohammed Fathi Abdel Aziz and her new hausband Mohammed Attris at Gold Sharm who brought Egypt and Sharm El Sheikh into disrepute. The truth is powerful and will come out eventually.

I have brought this to the forum's attention because there are familiar names on this list who represented the Real Estate Sectors. I believe this to be the tip of a huge ice-berg of malpractice.


Misr for Central Clearing, Depository and Registry Company (MCDR) has announced the names of 25 Egyptian officials and their families whose shares have been frozen.
"The shares have been frozen of officials under investigation, following the request of the General Prosecutor," Mohamed Abdel Salam, head of MCDR told Ahram Online.

The officials' names are as follows:

Mohamed Hosni Mubarak, former President of Egypt and his wife, Suzanne Saleh Thabet. Also the two sons of the former President, Alaa Mubarak, his wife Heidi Rassekh and their son Omar Mubarak and Gamal Mubarak, his wife Khadiga el-Gamal and their daughter Farida Mubarak.

Habib el-Adly, former Minister of Interior, his wife Elham Salem and their son Sherif el-Adly.

Ahmed el-Maghrabi, former Minister of Housing and his wife Naglaa el-Gazaeerly.
Ali Halawa, Chief Executive Officer, Egyptian Contractor Company and his wife Fatma Hassan.

Mustafa Nassrat, his wife Sanaa Morsi and his son Waleed Nassrat.
Nabil Seleem, the head of the Egyptian General Company for Tourism and Hotels (EGOTH) and his wife Ghada Melmat.
Ahmed Ezz, senior member of the National Democratic Party (NDP) and steel tycoon and his three wives, Abla Salama, Khadiga Yassin and Shahinaz el-Naggar, in addition to his son Ahmed Ezz.

Rachid Mohamed Rachid, former Minister of Trade and Industry and his wife Hania Fahmy.

Mohamed Garana, former Minister of Tourism, his wife Jilan Shawkat and his children Habiba Garana, Amir Garana and Adham Garana.

Hesham el-Hazek, his two wives Ocsana Pavikina and Rania el-Khatibi and his son Amr el-Hazek.

Medhat el-Meligi, head of the Exporters Union, his wife Rasha el-Sherbini and his two daughters Ziena el-Meligi and Leila el-Meligi.

Mohamed Fadly, former Chairman of government owned "Akhbar" news organization, his wife Soaad Ahmed and his son Mohamed Fadly.

Wahid Attalah, CEO and founder of Spectrum Consultants.

Yassin Mansour, business tycoon, head of the Mansour Group and Maghrabi Investment Company, and his wife Shereen Mustafa and his children Rawia Mansour, Ismail Mansour and Khadiga Mansour. Mansour is also the brother of former Minister of Transport Mohamed Mansour and cousin of imprisoned ex-Minister of Housing, Ahmed el-Maghrabi.

Amr Assal, chairman of General Authority for Industrial Development, his wife Maha el-Halougy and his three children Mohamed Assal, Farida Assal and Mentallah Assal.

Faisal el-Shaabi.

Anas el-Feqi, former Minister of Information, his wife Sahar Selim and his two children Hana el-Feqi and Ahmed el-Feqi.

Osama el-Sheikh, former President of the Egyptian specialized channels sector and his wife Ebtsam Maqsoud.

Suliman Amer and his wife Ahlam Mustafa.

Helmi Abul Esh, his wife Kartaman Abul Esh and his daughter Salma Abul Esh.
Adham Nadim, his wife Hend Mustafa and his two children Habib Nadim and Nadim Nadim.

Hassan Tantawi and his wife Khadiga Ismail.



Alan.

 

[Len Deeley]

Egyptian Resort Company

Interesting. Do you know where ERC stand with regard to all that is going on?
The Sahl Hasheesh land was, as I understand it, 'gifted' to ERC by Mubarak who then sold on to developers e.g. Orbit. Any news how this is effecting that?
I have an apartment at Sahl Hasheesh. the development management company is also Orbit.
Rgds
Len

 

[Alan Cockayne]

An interesting question Len...
I spoke with my legal associates today on that very subject.

It seems like certain Ministers (and the TDA) will be facing serious questions in the coming days and of those will be how land can be discharged to private developers without being fully accountable. ERC being one of the suspect sellers with supposedly Tourism Development Authority permission. But did they have the true rights and where did the funds go?

We shall see whether there is a cover-up, or will the Law really be seen as effective.

Alan.

 

[NeilHollingsworth]

Interesting. Do you know where ERC stand with regard to all that is going on?
The Sahl Hasheesh land was, as I understand it, 'gifted' to ERC by Mubarak who then sold on to developers e.g. Orbit. Any news how this is effecting that?
I have an apartment at Sahl Hasheesh. the development management company is also Orbit.
Rgds
Len

Hi Len,

This is what ERC are saying on their new website ERC - Egyptian Resorts Company

 

[shilly]

I have just read the ERC website and was pleased to see how it broke down its structure.perhaps other companies especially the one that built Oasis should follow suit and let the world and his wife know exactly where the money goes:hmmmm2:

 

[Alan Cockayne]

Accountability

I have just read the ERC website and was pleased to see how it broke down its structure.perhaps other companies especially the one that built Oasis should follow suit and let the world and his wife know exactly where the money goes:hmmmm2:

I personally couldn't agree more with you shilley.

However, it's a wonderful public relationship exercise. This certainly is the Red Sea flagship location and what a pity if any skeletons are unearthed to discredit its image....

Hey!! This is Egypt after all.

Alan.

 

[Alan Cockayne]

Egyptian property market.

An interesting article.

Egyptian property market in deadlock - The National


Alan.

 

[Alan Cockayne]

The former Minister of Housing has been sentenced to 5 years imprisonment while the ex-president Mubarak's wife Suzzanne has given back to the authorities 24million le according to the Egyptian Gazzette headlines today.

Alan.

 

[A Rab]

As the egyptian gazzette also states!
Ironically, while authorities in New Egypt are going ahead with a draconian drive against corruption, this crackdown is still limited to the upper strata of society.
Bribery or what is locally called baksheesh or ikramia continues to be the order of the day at the lower levels of bureaucracy.
You have to grease the palm of petty officials in order to ensure that your administrative applications are attended to.
A situation like this gives the impression that the revolution has only removed the lid from the regime, while the pot underneath is still cooking merrily.
Regards, A

 

[Alan Cockayne]

Quite right A Rab.

However, as those below the regime are equally culpable they are also capable of being brought to justice. The legal process still applies.

You hear "if you don't like it, take me to court".... Well these are now being taken to court and punished by collectives of plaintifs and succeed.

Whether such felons get the media coverage they deserve is one thing. Another is how easy they get out on appeal and never compensate, which is a disturbing way of covering up those criminals. We have a long way to go.

Alan.

 

[A Rab]

Hi Alan, yes the more collectives the better!, however i think that small groups of collectives would stand a much better chance if they all come together as one, it is now the time to form a british/european group of investors so when the new parliament takes over in september we will be able to hit them as one voice, just a bit of food for thought, A

 

[Alan Cockayne]

Good food for thought A rab.

However the Egyptian residential industry is heavilly reliant on overseas marketing. Egypt developments need foreign cash but now this has virtually stopped the government is desperate to understand how to revive the market, thinking advertising will do the trick...... It won't....

Egyptian mindset is too used to a "knock-off" mentality. Even then the end products are far worse than the ones they copied and I can honestly blame the buying public for being party to this cheap purchase practice. If you buy a copy-watch for a tenner, it's probably only worth £2.

Foreigners no longer trust the house buying process. Too many loopholes.

Investors cannot conceivably amalgamate in sufficient numbers to push for reforms, so it's left to the Overseas Promotors. They get commissions, so why don't they be the body that push for change? Don't tell me AIPP are there for that..... They are just a marketing arm of the authority and most of the dedicated promotors will not belong to an organisation that does nothing to help their situation

And it's those dedicated Global Independent Marketing companies and their Agents who are now taking the Egyptian Developers and their unscrupulous land-owning partners to court.

We've had the blame for Egyptian incompetence and the only way forward is for this united overseas body of professionals, to expose them in court and take over control of proceedures in a fair and legal workplace.


Alan.

 

[Alan Cockayne]

Email ...Mubarak, Officials Fined for Egypt Phone-Link Cuts, MENA Says

Egypt’s administrative court imposed fines totaling 540 million Egyptian pounds ($90.7 million) on former officials including President Hosni Mubarak for cutting Internet and mobile-phone lines during an uprising in January, state-run Middle East News Agency said, citing court documents.

Mubarak must pay 200 million pounds, former Interior Minister Habib El-Adli 300 million pounds and former Prime Minister Ahmed Nazif 40 million pounds to the government to compensate for economic harm caused by the communications disruptions, MENA said, citing the Cairo-based court.

source: Bloomberg By Ola Galal - May 28, 2011 2:25 PM GMT

 

[Alan Cockayne]

News on the ex-president.

Al-Ahram Weekly | Egypt | Mubarak awaits trial in Sharm El-Sheikh

For readers who wish to keep up with the situation, please open this link.


Alan.

 

[Alan Cockayne]

Former Egyptian Minister of Finance decision.

Egypt court sentences former finance minister to 30 years jail | Reuters


Alan.