Sunday, February 13, 2011

Hosni Mubarak Protected Family’s Fortune

Hosni Mubarak Protected Family’s Fortune

Hosni Mubarak likely used the last 18 days of protesting- his last days of power- to secure his financial future by transferring his fortunes to untraceable overseas accounts.

The exact amount is unknown, although estimates have suggested the ousted Egyptian president amassed a fortune of more than £3 billion, with some saying it could be as much as £40 billion, during his 30 years in power.

His wealth consists of accounts in foreign banks, investments, bullion and properties in London, New York, Paris and Beverly Hills.

A senior Western intelligence source claimed that Mubarak had begun moving his fortune in recent weeks. "We're aware of some urgent conversations within the Mubarak family about how to save these assets," said the source, "And we think their financial advisers have moved some of the money around. If he had real money in Zurich, it may be gone by now."

A US official told The Sunday Telegraph: "There's no doubt that there will have been some frantic financial activity behind the scenes. They can lose the homes and some of the bank accounts, but they will have wanted to get the gold bars and other investments to safe quarters."

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