Authorities seize assets of 3 companies, 285 individuals on terrorism finance charge

CAIRO – 19 December 2020: The committee tasked with managing assets of terrorist elements and groups ordered seizing the assets of 3 companies and 285 people, over being involved in efforts aiming to finance terrorism.

The seized assets, according to official figures, valued at LE 5 billion. The sources added that most of these assets’ avenues went to back terrorism.

Investigations found that those people were involved, in coordination with Muslim Brotherhood leaders at home and abroad, in restructuring economic entities belonging to the outlawed group to re-finance the armed wing of the group.

They also face charges of joining a group that planned to spread chaos and obstruct state institutions from fulfilling their duties, with the aim of destroying the state and affect is economic foundations.

The executive authorities, represented in the Central Bank of Egypt, and other authorities started to implement the decision.

Earlier this month, Egyptian authorities have held Sayed Sowerky, owner of the giant retail chain El-Tawheed wel Nour, with branches all over Egypt, and Safwan Thabet, CEO of the Juhayna Food Industries company, over joining and financing terrorism.

Authorities have not named the outlawed group/s the famous businessmen are accused of supporting.

Investigative authorities separately ordered detaining Sowerky and Thabet for 15 days pending investigation.

Sowerky is accused of inciting violence, joining an outlawed group, financing a terrorist organization and other charges.

Charges Thabet is facing similar charges, including joining an outlawed group, calling for unauthorized protests, inciting violence and financing a terrorist group.

In case the two businessmen are convicted of financing terrorism, they will be added to terrorism lists and their assets will be seized.