“Mubarak family fortune could reach $70bn, say experts – Egyptian president has cash in British and Swiss banks plus UK and US property”.
That’s the headline of a Guardian report.
I can’t say I am surprised. He joins the ‘illustrious’ ranks of US-backed dictators such as Suharto, the Shah of Iran, and Marcos, who enjoyed fabulous wealth while their people suffered from poverty and repression. That’s also what happens when the political elite mix business with politics and engage in lots of corporate wheeling and dealing.
Here’s an excerpt from the Guardian report:
President Hosni Mubarak’s family fortune could be as much as $70bn (£43.5bn) according to analysis by Middle East experts, with much of his wealth in British and Swiss banks or tied up in real estate in London, New York, Los Angeles and along expensive tracts of the Red Sea coast.
After 30 years as president and many more as a senior military official, Mubarak has had access to investment deals that have generated hundreds of millions of pounds in profits. Most of those gains have been taken offshore and deposited in secret bank accounts or invested in upmarket homes and hotels.
According to a report last year in the Arabic newspaper Al Khabar, Mubarak has properties in Manhattan and exclusive Beverly Hills addresses on Rodeo Drive.
His sons, Gamal and Alaa, are also billionaires. A protest outside Gamal’s ostentatious home at 28 Wilton Place in Belgravia, central London, highlighted the family’s appetite for western trophy assets
Don’t you think it’s time we had our own investigations into the wealth of some of our own politicians and their families, especially those with ostentatious life-styles?