Sunday, April 3, 2016

#PanamaPapers : And the Mubaraks are back to the media

Another unprecedented leak of millions of confidential documents worldwide tonight proves how the Mubaraks were just pathetic corrupted people.

It started when an anonymous source contacted German newspaper "Sueddeutsche Zeitung" last year saying that he got the biggest leaks of internal documents and information "2.6 terabytes of data" Panamanian law firm Mossack Fonseca.
Sueddeutsche Zeitung already published several leaks already including the Swiss leaks
The German daily took that huge leak and went to the International Consortium of Investigative Journalism "ICIJ" to start a huge unprecedented project.

This is the biggest leak reported in the international press as to analyze that data, about 400 journalists from 100 media organizations in about 80 countries have taken part in searching those documents including Egyptian journalist Hisham Allam.

Those journalists found in a nutshell that Mossack Fonseca used to sell to its clients from international public figures in many fields including politics anonymous offshore companies around the world to cover up their money away from taxes as well to cover their shady deals and so on.

Yes, we all know that the corrupted wealthy political leaders especially used to smuggle their fortune obtained by power illegally in their countries offshore through companies in Panama and the Cayman Islands but this time, we have got proof.

Now, why did I mention the Mubaraks in the title and what is their connection in that scandal?  Well, you have probably known or heard or guessed. The corrupted family of Egypt's ousted president is mentioned in the leaks
To be precise and fair, the name of Alaa Mohamed Hosni Mubarak appeared in the documents of Mossack Fonseca.

The eldest son of Egypt's long-time president turned to be another client of Mossack Fonseca.
It turned out that Alaa Mubarak was the owner of PanWorld Investments INC. which was founded in 1993 in the British Virgin Islands.
Alaa Mubarak's passport
A copy of an old passport of Alaa Mubarak
"Panama Papers Project"
Alaa reportedly used the company as a cover for his business activities in the financial sector.
Interestingly after the ouster of Mubarak in 2011 and his sons including Alaa were referred to the court in the same year, Mossack Fonseca considered Alaa as "Low risk" client.

This makes me ask "why" or "how" it is operating all that time especially in October 2011, the British Virgin Islands authorities issued an order to freeze the Mubaraks and his cronies' assets in accordance with the EU orders 

As far as I understand the records of that company has been active until April 2015 !!

Now , I did a quick online search and found out that its name actually emerged in 2011 when investigations in Egypt started about the Mubaraks boys' corruption cases and companies offshores.

All eyes were focused on Gamal Mubarak and his offshore company Bullion. Interestingly PanWorld used to be from the major shareholders of that company.

Alaa Mubarak has had this reputation of being the businessman in Egypt long before his brother's name began to appear especially politically.
Despite what Mubarak's supporters say, the Mubaraks were officially convicted in a corruption case that is the case of the Presidential mansion.
Alaa Mubarak during his detention
Alaa Mubarak during his trials "Reuters"

Alaa and Gamal Mubarak are still standing another trial on charges of manipulating stock exchange
They were released from detention pending trial.

Since their release, Gamal Mubarak is not shy to appear publicly unlike Alaa.

By the way, there has been no direct comment so far issued by Mossack Fonseca on Twitter or Facebook.

Now the question of the hour: Will Egypt's authorities investigate those documents about Alaa Mubarak as well other Egyptian businessmen and their Panama papers !?
Updated: Yes, they are going to be summoned. 

You can check the official website of the ICIJ's Panama Papers.
It is down from time to time due to the pressure.


  1. You posed this question "Now the question of the hour : Will Egypt's authorities investigate those documents about Alaa Mubarak as well other Egyptian businessmen and their Panama papers !?"

    Well this depends on how much Al Sisi is implicated in corruption. All the new regime are complicit in corruption. However the "pious" president and his intelligence (or lack thereof) goons directs the judiciary and approves of major reconciliatory efforts with the crooks and fraudsters tycoons.

    The answer is clear. Egypt continues to be a dismal state and values are deteriorating. Don't expect anyone to be accountable for corruption. Al Sisi himself is a product of the Mubarak regime and has been groomed by it. He will do whatever possible to expand the Army's gigantic overtake of the economy.

    Soon, similar shadow and façade companies in Panama, Cayman, British Virgin Islands, Nicaragua, Switzerland and others will be bankrolled by the emerging rank of generals getting their share of commissions from the army sanctioned "development" projects taking place all over Egypt.

    Now, Mubarak and his sons are replaced by Al Sisi and his gang. Don't expect any more accusations, its a matter of months before they are all cleared out from charges. There is no hope of a clean Egypt.

  2. In addition to the corruption of the Mubarak/Sisi regime apparatus, their terrorist proxies are still committing war crimes in Libya and Yemen.


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