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FINANCIAL NEWS
Corruption costs Egypt USD57.2b
16 Feb 2011
(MENAFN) Washington-based Global Financial Integrity (GFI) announced in a report that the cost of illegal financial activities and government corruption such as corruption, tax evasion and crime in Egypt amounted to almost USD6 billion annually to a total of USD57.2 billion from 2000 to 2008, reported Gulf News.
The personal fortune of the resigned President Hosni Mubarak and his family is estimated to be between USD40 billion and USD70 billion. Switzerland froze Mubarak’s assets after he resigned and now the UK is pressured to trace and freeze Mubarak’s assets in the UK.
Former ministers and businessmen are being investigated by Egypt’s public prosecution for robbing public wealth. Also, they are not allowed to leave Egypt and their accounts have been frozen.
It is worth noting that privately owned wealth is estimated to be enough to cover USD32 billion of Egypt’s foreign debt.
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