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The Middle East has traditionally been important for the world economy. The Middle East situation today has an impact on all aspects of life in America and much of the world.

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Mar 6, 2011

The Mubarak Family's Wide-Scale Corruptin

The Egyptian newspaper (ahram, Feb. 28, 2011) reported the secret accounts of Mubarak and his family in Egyptian banks. Even the secret account numbers in the Ahli Bank revealed that Susan Mubarak’s deposit was $147 million, Ala’s (Mubarak’s son) deposit was $100 million and his other son Jamal’s deposit was also $100 million.

In addition, Mubarak transferred the Alexandria Library funds, which are equal to $143, 476, 000 into his wife’s account, giving her the legal right to use the money as she wished. This fund, according to the report, was a foreign contribution to the Alexandria Library. Instead of putting that contribution into a library trust fund, Mubarak but it in his is own account. It is very strange that the Mubarak family deposited such a large sum of foreign currency in Egyptian banks rather than in foreign countries, as they have been doing during the past few decades.

Furthermore, the Egyptian newspaper made no reference to the fact that Mubarak’s family funds in Egyptian banks have been frozen. There is an Egyptian law that was adopted by the government during the early 1950s called “From where did you get it?” (“Min ayna laka hatha”). Mr. Mubarak’s monthly salary is set at L.E. 24,000 per month, which is equivalent to $5,000. This sum includes all the financial extra allowed by law. The present government authority in Egyptian has failed to investigate whether they can charge Mubarak and his family for possible theft of state wealth and bribes. Mr. Mubarak and his family are living in Sharm el Sheikh with all the presidential privileges and are protected by the presidential republican guards as if nothing has happened.

This situation opened the door for wide scales of public speculation about the strategy of the high council of the Egyptian military forces. A United Nations Agency, Transparency International, has reported that the Mubarak family’s wealth outside of Egypt has been estimated between $40 and $70 billion. Mr. Mubarak has been at the top of a corrupt regime for the past three decades and he should be put under arrest and investigated for corruption. Again, why the Egyptian Military council has failed to apply the law requires an immediate answer for the benefit of justice and the beginning of a new trend of transparency and accountability in Egypt.

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