Egyptian Chronicles: Hassan Malek , the man who wanted to destroy the Egyptian economy

Saturday, October 24, 2015

Hassan Malek , the man who wanted to destroy the Egyptian economy

On Thursday, the Egyptian security forces arrested Muslim Brotherhood leading member and renowned businessman Hassan Malek from his house in New Cairo along 4 other members of the banned brotherhood.

For several hours, there was nothing official about why Malek was arrested especially for two years he was a free man unlike many of the Brotherhood’s leading figures.

Then the Ministry of interior “MOI” released an official statement on its official Facebook page saying that the State security prosecution issued a warrant to arrest Malek because the MOI’s National Security sector received tips that Malek and other members of the Brotherhood were planning to “smuggle foreign currency out of the country” in order to attempt “to harm the Egyptian economy”.

إستمرارً لجهود الأجهزة الأمنية فى رصد ومتابعة الأنشطة الإرهابية والأعمال العدائية التى يخطط لإرتكابها أعضاء جماعة الإخوا...
Posted by ‎الصفحة الرسمية لوزارة الداخلية‎ on Thursday, October 22, 2015

According to the statement, Malek and the other four MB members are accused of using of foreign exchange companies affiliated with the Muslim Brotherhood to destabilize the price of the US dollar by collecting and smuggling foreign currency outside the country.

It also accused him of funding the Muslim Brotherhood inside the country.
Friday evening, the state security prosecution decided to detain Malek for 15 days pending investigation.

The Egyptian pound is having a very tough time while the price of the US dollar was increasing officially and unofficially in the black market in the past two weeks full of drama.
This drama ended with the resignation of Hisham Ramez , the former Central Bank of Egypt governor and appointing Tarek Amar as the CBE governor.
In simple words, Egypt already got a currency crisis and the Egyptian pound is dying.

This crisis also is directed linked to Egypt’s foreign currency reserve.
It is not a new crisis or something that was resulted by plots and conspiracies as the Pro-regime media tries to market to the public.
Anyhow, the MOI says that it saved the Egyptian economy from the evil plots of Hassan Malek and his Brothers.
Hassan Malek 

Now there are question marks about this statement.

It mentions that among the foreign currency exchange companies affiliated to the Muslim Brotherhood and are involved in this huge conspiracy two companies: Al-Noran and Al-Tawheed.
Both of those companies have been confiscated by the government since August and are currently managed by the ministry of justice’s special MB assets committees.

I do not understand how those companies can be part of this devilish plan when they are under the government supervision technically and legally !!!??

Interestingly, Al-Noran foreign exchange company was among the sponsors of the New Suez canal inauguration gala party where it donated LE 500,000 in June.
It also donated LE 5 million to Sisi’s “Long Live Egypt” Fund !!
This did not stop the government from confiscating it.

Also how come Malek is trying to smuggle the money outside the country when he is trying to fund the Brotherhood’s activities inside the country according to the same statement !?
The man is already under 24/7 surveillance and I think he is barred from travel.

By the way, Pro-Sisi supporters published a photo allegedly for millions of dollars found at Malek’s house. Fair enough.

Yes ,this is the photo they shared on twitter and Facebook.
As you can tell, it is not really and by little Google Images search , you will know that its source was an American political blog post from 2008.
Another rumor spread among the Pro-Sisi supporters was that Malek kept nearly 1/2 billion dollars in his house and please do not ask me how !!
That rumor reached to the press , here is Al-Messa Front page on Saturday !!
State-owned Al-Messa reports about 1/2 billion dollars
found at Malek's house 
Keeping a low profile in politics unlike Khairat El-Shater who is also a businessman, Hassan Malek is believed to be from the main financiers of the Muslim Brotherhood in Egypt.
He owns many ventures and companies as well franchises including furniture store “Istikbal” and Sarar.
Hassan Malek’s assets and companies have been frozen since September 2014 when a Cairo criminal court upheld a decision by a prosecutor general to freeze the assets of prominent MB leading figures.
All his companies and ventures are currently managed by a committee following Egypt’s ministry of Justice.
Malek’s son, Omar was sentenced to death in the famous Rabaa controlling room trial. As far as I know there is still an appeal in the case.
Ironically now I remember how Malek was the bridge between the Mubarak and NDP businessmen and Morsi’s administration or rather the Muslim Brotherhood with his Neoliberal economic views.
I do not know but blaming the Muslim Brotherhood for all the political and economic problems won’t solve anything.
The Egyptian people are wiser to believe that bogeyman is behind all their political, social and economic problems, they aren't dumb like the regime and its media think.
In the long run, this false bogeyman will create sympathy with the Brotherhood.
Arresting Hassan Malek won’t solve the problems the Egyptian pound is facing right now or fix the economy.
People are already mocking the whole news already online on twitter and Facebook.
They are not stupid anymore.

1 comment :

  1. Maybe egyptians arent stupid anymore but they are awfully silent, freedom and justice will not come without a sacrifice.


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