Hosni Mubarak’s family fortune estimated at $1.2 billion

Mubarak wealthWealth of ousted Egyptian President Hosni Mubarak, his wife Suzanne, his sons Alaa and Gamal and their wives is estimated at nine billion Egyptian pounds (about $1.2 billion), General Prosecutor’s Office said on Thursday.

It is the first time such a figure is announced by an official source, following numerous speculations or partial information after removing the regime from power in February 2011, following a popular uprising.

“Reports from the Administrative Surveillance Authority, the Illicit Gains Authority and the Central Accounts Authority (three bodies responsible for monitoring public institutions) proved” that Mubarak’s fortune amounted to 9 billion Egyptian pounds, said Mahmoud al-Hefnawy, a representative of Prosecutor’s Office, in front of the Cairo criminal court judge.

This assessment includes assets of wives of Alaa – Heidi Rassekh and Gamal – Khadiga al-Gamal.

The sum includes “value of their assets in cash and in shares in companies in Egypt,” said al-Hefnawy, quoted by the official agency Mena. Cash amounted to three billion Egyptian pounds, about five billion in shares and a billion in real estate, he said, without giving further details, especially about the amounts and assets abroad. “Mubarak used his power and enriched himself and his relatives,” he added.

Hosni Mubarak, aged 85, and his two sons are being held in a prison south of Cairo. The former president was sentenced to life in prison in 2012 for corruption and  conspiracy to murder demonstrators during riots, but this ruling was canceled, paving the road for a new trial.

Suzanne Mubarak, 72, who controlled Egypt from behind the scenes, was arrested in May 2011 over corruption claims and freed a few days later by the deputy minister of justice after she gave the Illicit Gains Authority assets worth 24 million Egyptian pounds. “Should Suzanne Mubarak return money, that would be enough for the judiciary,” said Mohamed al-Guindy, Egypt’s justice minister.

Mubarak’s daughters-in-law were also jailed for a few days and freed without being prosecuted.