Hosni Mubarak used last 18 days in power to secure his fortune

[Joanne98]

Source: The Telegraph

Hosni Mubarak used the 18 days it took for protesters to topple him to shift his vast wealth into untraceable accounts overseas, Western intelligence sources have said.

The former Egyptian president is accused of amassing a fortune of more than £3 billion - although some suggest it could be as much as £40 billion - during his 30 years in power. It is claimed his wealth was tied up in foreign banks, investments, bullion and properties in London, New York, Paris and Beverly Hills.

In the knowledge his downfall was imminent, Mr Mubarak is understood to have attempted to place his assets out of reach of potential investigators.

On Friday night Swiss authorities announced they were freezing any assets Mubarak and his family may hold in the country's banks while pressure was growing for the UK to do the same. Mr Mubarak has strong connections to London and it is thought many millions of pounds are stashed in the UK.



Read more: Hosni Mubarak used last 18 days in power to secure his fortune

[ananda]

1. That's what I figured and it explains the delays in his stepping down.

nt

[L. Coyote]

17. THE LINK:

http://www.telegraph.co.uk/news/worldnews/africaandindianocean/egypt/8320912/Egypt-Hosni-Mubarak-used-last-18-days-in-power-to-secure-his-fortune.html

[tahrir]

22. exactly, and that explains the welcomed transition to military rule and his speech thur

as discussed here...
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x402888

[populistdriven]

47. how many died so he could keep his money

[fishwax]

48. indeed n/t

[greymattermom]

2. untraceable?

Oh really? Give an award to the hackers and it will be found.

[Rosa Luxemburg]

31. not too hard - try the Cayman Is, Isle of Man, Switzerland etc.

[aquart]

32. The Channel Islands.

My old boss liked to stash his family money there.

[PSzymeczek]

37. Switzerland has frozen

whatever assets he has in that country. He can't access them.

[elehhhhna]

53. Switz froze the cash b/c he was transferring it out to more secure accounts --

betcha. Swiss accounts ain't what they were 30 years ago...privacy-wise

[LiberalEsto]

3. Of course he did

he was just stalling for time while arranging to hide his stash.

And just think! Our taxes helped him amass his loot.

[theaocp]

15. I've been wondering why he

stayed in power, when he was this old and had this much wealth. I would've been kicking it in some paradise a decade earlier. Sheesh.

[jwirr]

45. Unlike most of us he most have had something he wanted more

than to enjoy his golden years! What kind of twisted mind keep these greedy fools amassing more and more. More than they can ever hope to spend in either their or their children's lifetimes. This is the stupidest kind of ambition I could ever imagine. He is 83 - maybe 10 more years at the most?

[Amonester]

56. Hey! They do it here, over and over, and all they get is more tax cuts.

Go figure.

[No Elephants]

50. If you are a billionaire ruling Egypt, you ARE kicking it in some paradise.

[xchrom]

4. Naturally. Nt

[DCKit]

5. That's just going to make it all the more sweet as it's seized one piece at a time. nt

[iandhr]

6. I do not think its 40 billion pounds

That like 65 billion dollars which would make him richer then Bill Gates.

[Hydra]

7. Being a tin pot supported by the US is lucurative n/t

[No Elephants]

49. Egyptian pounds?

[Hydra]

8. *Shakes head*

I remember the thread here where someone said Mubarak should step down to "preserve his legacy."

He was already preserving his "legacy." Like any good plotter without a soul, he was focused on the only important thing- his money and the power it gives him.

[FailureToCommunicate]

9. Like any thief, he's probably been squirreling it away longer than last 18

days.

US officials claim his wealth to $1 to 5 Billion. NOT the $40-70 billion widely reported of late...

link:

http://abcnews.go.com/Blotter/hosni-mubaraks-wealth-thi...

Mubarak should be forced to give back the (stolen) fortune: back to the families of those martyred, back to the People of Egypt, and back to the American taxpayers!

[L. Coyote]

20. it was routine for businesses to be required to hand a cut – between 20 to 50 per cent - to Gamal or

"it was routine for businesses to be required to hand a cut – between 20 to 50 per cent - to Gamal or Alaa simply to set up shop. Favoured entrepreneurs who worked with the brothers were given virtual monopolies in return.

"Arwa Hassan, a Middle East specialist for the anti-corruption group Transparency International, said Gamal appeared to be at the centre of the Mubarak family's finances. Miss Hassan said: "It was really common for Gamal Mubarak to approach a successful business and say, make me a partner in your business. I've heard this from various sources. I don't think it was a secret." ...."

[defendandprotect]

33. Based on a cut of every business in Egypt ... it could be a hundred billion -- who knows?

[bjobotts]

39. US gives him a billion in aide of our tax dollars and he kicks back 1/2 bil buying US weapons

[bjobotts]

40. This happens with alot of aid we give to foreign countries, kickbacks to congressmen also

[L. Coyote]

42. Kickbacks to Mubaraks from US military contractors ought to be investigated by the US

[WestSeattle2]

57. Exactly. Confiscate all holdings in his name and any family

members names, until they can prove that the assets were obtained legitimately. That, of course, would be impossible for the entire Mubarak family - all their assets were obtained using stolen money from the Egyptian people and the US taxpayers.

Trust me, the US and UK governments can trace the money - in a matter of minutes. To claim otherwise is outright laughable.

[lunatica]

10. Well duh! Of course he did

He probably also had plenty of help from world leaders everywhere. Even some from here. They hang together.

[stevedeshazer]

11. Is there a link?

[alp227]

12. Googling the title returned the link

http://www.telegraph.co.uk/news/worldnews/africaandindianocean/egypt/8320912/Egypt-Hosni-Mubarak-used-last-18-days-in-power-to-secure-his-fortune.html

[Joanne98]

13. Here's the link sorry.

http://www.telegraph.co.uk/news/worldnews/africaandindianocean/egypt/8320912/Egypt-Hosni-Mubarak-used-last-18-days-in-power-to-secure-his-fortune.html

[stevedeshazer]

25. Thanks +1

[TatonkaJames]

14. I posted this a week ago on another site

“My gut feeling is it only took this much time because he had to secure all his Billions before he stepped down. That's all that matters to him and all leaders around the globe, including here in the USA where we allow tools like Mubarak and Karzai to be in power".

I think I know how they play their games by now, don't need a newspaper to tell me that.

[L. Coyote]

19. During the protests last week, former deputy foreign minister Ibrahim Yousri and 20 lawyers petition

"During the protests last week, former deputy foreign minister Ibrahim Yousri and 20 lawyers petitioned Abdel Meguid Mahmoud, Egypt's prosecutor general, to put Mr Mubarak and his family on trial for stealing state wealth."

[Bucky]

16. Folks, this is why it takes focus & personal discipline to attain political power.

If I were president of a Third World dictatorship, I'd probably use my last 18 hours before being run out of office enjoying the free high-speed internet by playing Tetris.

[Peace Patriot]

28. "Third World"? Are you forgetting the Bushwhack Grand Final Looting of Sept. 2008?

And Junior WAS playing SOMETHING, while his handlers and Cheney and associated killers and thieves arranged it all. But I can't think of even the simplest game that he could have been capable of playing. Perhaps you have some suggestions? Nurf dart-throwing at a target with certain peoples' pictures on it?

[No Elephants]

51. 18 days

[JDPriestly]

18. Attorneys are bound to have been involved, as are banks.

Question is, was he violating a law? Maybe not.

[JDPriestly]

21. Well, the property records for Beverly Hills are public record.

.

[closeupready]

24. I think the implication is that he'd have his accountants put things in trusts HQ'ed in Cayman Islan

s, that sort of thing. Which, in turn, would be held by ANOTHER trust located in, for example, Belize or Singapore.

[sharesunited]

27. Which is why high profile folk take title in the name of blandly named trusts.

[defendandprotect]

34. Also why Switzerland's secret accounts are a threat to democracy -- everywhere!!

[tabasco]

23. The pharaohs stashed their loot too.

But it was discovered, mostly by tomb robbers.

[TroubleMan]

26. Ha, ha....I just told a co-worker on Friday that I bet that's what he was doing.

They put out a story earlier than he's saved up about 40 billion. My guess is that he was moving this money to safe places and that he was destroying any incriminating documentation that might exist.

[Peace Patriot]

29. I think he might have hung on to incriminating documents of another kind--"rendition"--

and that, too, was part of his arrangements for his retirement, that needed to be tidied up before he relinquished power.

The CIA just finished arranging immunity from prosecution for the Bush Junta's thug in Colombia, Alvaro Uribe--probably for the same reason (he knows too much). Witnesses were either extradited here and "buried" in the U.S. federal prison system or given asylum in the U.S. client state of Panama--out of the reach of Colombian prosecutors and over their vociferous objections. Musharaff definitely needed a similar arrangement and probably had similar bargaining chips.

[defendandprotect]

35. Was wondering about that today -- Mubarak would have tales to tell re US rendition -- !!!

And, probably would come in handy for the future!

[SOS]

30. 30% illiteracy rate, male life expectancy 69 years

If Mubarak was concerned about his "legacy" he would have built schools and hospitals for the people,
rather than looting the nation for his own personal gain.

So many of this world's "leaders" are completely full of sh!t.

[defendandprotect]

36. Just want to say that somehow, the Egyptian people despite Mubarak are intelligent, wise ...

and have shown a political saavy that Americans seem to lack!!

Amazing given these conditions!

[bluerum]

38. Of course he did. He robbed his country and its people.

[timo]

41. no surprise

our own politicians here do the exact same thing!!

[watajob]

43. This is news?

My first words to my wife while we were watching the evening news on 25 Jan were, "He's stuffing suitcases full of hundreds as we speak."

[russspeakeasy]

44. I must be a lot faster than Mubarak..It only took me about 5 minutes.

[Bluebear]

46. Of course. While people twiddled their thumbs. nt

[No Elephants]

52. .......

[thanks_imjustlurking]

54. Well, sure, just like the banksters.

And he'll get away with it, just like the banksters.

[dotymed]

55. What a Surprise...

Nothing will ever change unless we change it, I'm sure some of the wealth will be "sacrificed."

[guruoo]

58. k&r

[lebkuchen]

59. Since high crime pays all over the world...

what are the chances that the Egyptian military will pull the same stunt?

[StarsInHerHair]

60. and so, like the Nazi hunters-get him and get that money & put it into

Egypt's coffers.