Egyptian authorities reconcile with 2 Mubarak-era figures after returning LE 1.3 billion

CAIRO – 20 February 2021: Egypt has reconciled with former Housing Minister Mohamed Ibrahim Soliman and businessman Magdy Rasekh, after they returned more than LE 1.3 billion, the Public Prosecution announced on Saturday.

Soliman was the housing minister during the era of late President Hosni Mubarak and Rasekh is the father-in-law of Alaa Mubarak, the older son of Mubarak.

The national committee for the recovery of funds and assets abroad has signed a settlement to reconcile with Soliman and Rasekh on charges they face, in exchange for LE 1,315,701,024, the Public Prosecution said in a statement.

Rasekh and Soliman had faced charges related to corruption, illicit gains and embezzlement of public funds.

This comes four years after the Court of Cassation had upheld a three-year imprisonment sentence against Soliman in the case known as the SODIC corruption case.

Rasekh, then-CEO of the real-estate SODIC company headquartered in Giza 6th of October city, was also handed a five-year imprisonment sentence in 2012.

Soliman and other officials also faced charges of embezzling LE 28 million for selling lands in an area in the 6th of October city known as “the green belt” with lower prices than they deserve.

Egypt has reconciled with many of the Mubarak-era officials after they returned the money they owed to the state, including steel tycoon Ahmed Ezz and late businessman Hussein Salem known for strong ties with Mubarak.