Egyptian tycoon and Mubarak ally Hussein Salem dies

CAIRO (Reuters) – Hussein Salem, one of Egypt’s most prominent businessmen and an ally of deposed president Hosni Mubarak, died in Spain on Tuesday, his niece and state media said.

Salem was arrested in 2011 under an international warrant in Spain, where he fled in the aftermath of the 18-day popular uprising that ended Mubarak’s 30-year rule.

An Egyptian court sentenced him in absentia to seven years in jail and fines totaling more than $4 billion in 2011 after convicting him of money laundering and profiteering.

In 2016, Salem, who also holds Spanish citizenship, struck a deal to allow him and his family to return to Egypt without facing prosecution in return for giving up 75 percent of their wealth.

The deal was part of a wider reconciliation effort with wealthy businessmen who fled Egypt to avoid corruption charges after the uprising.

Reporting by Ahmed Tolba and Mohammed Ahmed; Writing by Ulf Laessing; Editing by Rosalba O’Brien

Our Standards:The Thomson Reuters Trust Principles.

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