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Tuesday, February 15, 2011

Mubarak could be the richest man in the world

How can one man be worth $US70 billion - it’s obscene - that makes him richer than Bill Gates! It's times like this that I hate the Swiss and their secret banking system because that’s where he’s got most of it stashed. And then of course there’s the real estate all around the world. His wife and two sons were also able to accumulate great wealth through business deals with foreigners. Now the Egyptian press are looking into the hidden wealth of Mubarak's allies.

Five hated cronies of Mubarak have each amassed personal fortunes and three of them, former Cabinet ministers, tried to to get out of the country over the weekend but were denied permission. Protesters have cited government corruption as a reason they demanded Mubarak step down. His family wealth dates back to when he was an air force officer and in a position to benefit from corporate corruption on military contracts, mainly through business partnerships with foreign investors. It’s thought that most of Mubarak’s assets are in UK and Swiss banks which is the pattern of other middle eastern dictators to make sure their wealth won’t be taken during a transition.

Meanwhile Cairo cemented its relationship with Egypt’s civil service yesterday – they announced a 15 per cent pay rise for six million government workers.