http://www.smh.com.au/world/western-property-in-70b-family-fortune-20110205-1ahnr.html
Western property in $70b family fortune Phillip Inman February 6, 2011 Click to play video Return to video LONDON: President Hosni Mubarak's family fortune could be as much as $70 billion, according to analysis by Middle East experts, and much of his wealth is in British and Swiss banks or tied up in property in London, New York, Los Angeles and along expensive tracts of the Red Sea coast. After 30 years as President and many more as a senior military official, Mr Mubarak has had access to investment deals that have generated hundreds of millions of dollars in profits. Most of the gains have been taken offshore and deposited in secret bank accounts or invested in upmarket homes and hotels. According to a report last year in the Arabic newspaper Al Khabar, Mr Mubarak has properties in Manhattan and exclusive Beverly Hills addresses on Rodeo Drive. Click for more photos Egypt in turmoil Pro-government protesters (left) clash with anti-government protesters outside the National Nuseum near Tahrir square in Cairo on February 3. Photo: Reuters a.. b.. c.. d.. e.. f.. g.. h.. i.. j.. k.. l.. m.. n.. o.. p.. q.. r.. s.. t.. u.. v.. w.. x.. y.. z.. aa.. ab.. ac.. ad.. ae.. af.. ag.. ah.. ai.. aj.. ak.. al.. am.. an.. ao.. ap.. aq.. ar.. as.. at.. au.. av.. aw.. ax.. ay.. az.. ba.. bb.. bc.. His sons, Gamal and Alaa, are also billionaires. A protest outside Gamal's ostentatious home at 28 Wilton Place, in London's upmarket Belgravia area, highlighted the family's appetite for Western trophy assets. Al Khabar said it understood that the Mubaraks kept much of their wealth offshore in the Swiss bank UBS and the Bank of Scotland, although this information could be at least 10 years old. There are only sketchy details of exactly where the Mubaraks have generated their wealth and its final destination. Christopher Davidson, professor of Middle East politics at England's Durham University, said Mr Mubarak, his wife Suzanne, and two sons were able to accumulate wealth through business partnerships with foreign investors and companies, dating back to when he was in the military and in a position to benefit from corporate corruption. Al Khabar named a series of Western companies that, in partnership with the Mubarak family, generated some $15 million a year in profits. Aladdin Elaasar, author of The Last Pharaoh: Mubarak and the Uncertain Future of Egypt in the Obama Age, said the Mubaraks owned several residences in Egypt, some inherited from previous presidents and the monarchy, and others the President had commissioned. Hotels and land around the Sharm el-Sheikh tourist resort are also a source of Mubarak family wealth. Guardian News & Media [Non-text portions of this message have been removed] ------------------------------------ Post message: prole...@egroups.com Subscribe : proletar-subscr...@egroups.com Unsubscribe : proletar-unsubscr...@egroups.com List owner : proletar-ow...@egroups.com Homepage : http://proletar.8m.com/Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/proletar/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/proletar/join (Yahoo! ID required) <*> To change settings via email: proletar-dig...@yahoogroups.com proletar-fullfeatu...@yahoogroups.com <*> To unsubscribe from this group, send an email to: proletar-unsubscr...@yahoogroups.com <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
