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FINANCIAL NEWS
Egypt’s CB refutes claims about secret Mubarak accounts
15 Jan 2012
(MENAFN) Egypt’s central bank said that recent reports about secret accounts owned by former president Hosni Mubarak in the bank that held USD9 billion were untrue, reported Gulf News.
The bank referred to reports by the local Egyptian daily newspaper Youm 7 which cited former deputy head of the Central Auditing Agency, Assem Abdul Moety, who said that the former president held the amount in 3 secret accounts in the bank, adding that USD8.7 billion was deposited in the first of Mubarak’s personal accounts in 1992.
It also said that the amount was added to the foreign reserves balance, and was invested in time deposits with foreign banks and in US Treasury bills, adding that the money was increased to USD8.82 billion due to interest by 31 December 2011, and was still kept with the bank in the name of the state.
It is worth noting that originally, the money was deposited in a state account titled “Amounts Received from Arab States” between 1990 and 1992 by 5 Arab countries as non-refundable grants to Egypt, totaling USD4.6 billion at the time, according to the central bank.
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