Alaa Mubarak owns over LE49 million worth of shares in Palm Hills

Alaa Mubarak, son of deposed Egyptian President Hosni Mubarak owns LE49,535,000 worth of shares in Palm Hills Urban Development Company, in which former Housing Minister Ahmed al-Maghrabi owns a stake, said Khaled Ali, the director of the Egyptian Center for Economic and Social Rights.

Ali, who had previously filed a lawsuit calling for the annulment of 6 October city land sales to the urban development project, said he had received the minutes of the company’s extraordinary general assembly meeting from a New York Times journalist in which the shares were awarded to Alaa Mubarak.

Ali went on to say that the minutes showed that Alaa did not use his last name Mubarak, but rather used the name Alaa Mohamed Hosni al-Sayyed.

Ali went on to say that Alaa had made it a point to use this name in all financial interactions and on all bank accounts with the intention of preventing anyone identifying him as the son of the former president.

Ali also revealed that a number of well-known names also had stakes in the company, such as architect Shehab Mazhar, and Fahmy Esmat Abdel Magid, the son of the former Secretary General of the Arab League.

Ali said he had faith that the Egyptian judicial system would return the land to the state after it was stolen by what he described as “corrupt figures who exploited their positions for personal benefit."

Translated from the Arabic Edition

Related Articles

Back to top button