Mubarak-era trade minister returns after deal with Gov’t

CAIRO – 16 June 2017: Former Trade Minister Rashid Mohamed Rashid arrived in Egypt from Italy, after fleeing the country six years ago.

Informed sources told Egypt Today that the Mubarak-era minister left Cairo Airport from Terminal 4, which is reserved for private jets, aided by an anonymous entity.

Back in March, Egyptian authorities lifted the freeze on the assets of Rashid and his family, both inside and outside Egypt, and his name was removed from the travel ban list.

All criminal charges against Rashid were dropped following a reconciliation deal with the government that was approved in November 2016. The deal required Rashid to pay nearly LE 500 million ($27.5 million) to the government.

Rashid fled the country during the 18 days of the January 25 Revolution that toppled three-decade strongman Hosni Mubarak from power in 2011. He was later sentenced in absentia to five years in prison for embezzling public funds, and another 15 years for allegedly smuggling half a million pounds out of the country, along with his daughter. They were also charged with a fine of LE 522 million.

The reconciliation deal also dropped the criminal proceedings in two other cases against Rashid, involving the illegal seizure of assets from Egypt’s Export Support Fund and wasting public money that belonged to the Industrial Modernization Fund.