Jailed cronies of Mubarak offer assets to get free

Facing long jail terms,ousted Egyptian President Hosni Mubarak’s close aides are offering their ill-gotten assets in exchange to be set free.

Written by Press Trust Of India | Cairo | Published:March 16, 2012 12:56 am

Facing long jail terms,ousted Egyptian President Hosni Mubarak’s close aides are offering their ill-gotten assets in exchange to be set free.

Ex-Housing Minister Ahmed al-Maghrabi and Egyptian tycoon Ahmed Ezz,who is also a prominent member of the former ruling party,have offered their assets,believed to be running into millions of dollars to stay out of jail,the Egypt Independent reported.

Ezz has been sentenced to ten years in prison and fined an equivalent of about USD 11 million for corruption. State-run television said the government,hard-pressed financially,says it is considering the deal,which could see the ill-gotten money pumped back into the economy.

Head of the North Cairo Criminal Court Hassan Hassanein said a special law must be issued to deal with such cases,providing for return of stolen funds and a fine equal to the amount embezzled.

Though the judge said that the deal could be extended to the tycoon,who was stated to be close to fallen dictator Mubarak and his two sons,the same could not be extended to the Housing Minister.

However,the deal could run into trouble as the caretaker government is wary of infuriating protesters.

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