Tuesday, April 5, 2016

#PanamaPapers : Back to Mubaraks' London House..

And we started to get reactions following the Panama Papers.
There is news that Egypt's Illicit Gains Authority is going to summon Alaa and Gamal Mubarak later this week to question them over the Panama leaked papers.
Alaa Mubarak's name already appeared in the documents as the owner of offshore "PanWorld Investment INC" which used to be managed by Credit Swiss since 1993 till 2015.
More people began to dig in the few files released online and a couple of friends found an interesting fact.
The London address mentioned as Alaa Mubarak's address listed in Mossack Fonseca document "28 Wilton Place, London SW1X 8RL" is or was actually his brother, Gamal's address in the British capital.
In July 2011, I wrote a blog post about that luxurious house. That house is worth £8,957,000 according to Zoopla estimations."Thanks to Mr.Tarek Salama"
Egyptian investigative journalist Hisham Allam, who is part of that magnificent international team of journalists working on the huge Mossack Fonseca's leaks stated in a TV interview on Monday that Alaa Mubarak did not list that apartment as part of his properties officially when he was interrogated in 2011.
Allam also aired on Al-Nahar Al-Youm his first documentary about the Panama Papers , which was about Alaa Mubarak and there was another surprise in it.

Alaa and Gamal Mubarak
The Mubarak brothers Pre-2011
Alaa Mubarak admitted officially in Egypt in 2011 that he owned shares in "PanWorld Investment INC"
So the Illicit Gains Authority as well the Egyptian authorities have known about that company since 2011.
Since 2011, Egyptian journalists spoke about the Mubaraks offshore companies and the Egyptian authorities seemed to be uninterested.
Ahram Online's Economy section team made a special investigative report about "All Mubarak's men" then the Egyptian Initiative for Personal Rights "EIPR" worked on that file reaching to PanWorld Investment INC and connecting the dots between the Mubarak boys' Bullion to PanWorld Investment INC.  "You must check Mada Misr's Arabic report about how Cayman Island was the 6th investor country in Egypt because PanWorld Investment INC is mentioned there"
In all those reports, Gamal Mubarak reportedly had shares in the Virgin Islands-based company.
I searched online after the show for the Mubaraks' official properties list and I found out that Alaa Mubarak admitted again that he owned shares in "PanWorld Investment INC".

Officially, the Egyptian authorities knew according to his confession that "PanWorld Investment INC" owned shares in Cyprus-based Horus Fund which he and his brother as well their business partners founded in 2005.

By the way and before I forget the London house is not listed either among Gamal Mubarak's properties.

Going back to the Post I wrote about the London House in 2011, I found out officially that Townhouse was owned by Ocral Enterprise of Panama. Yes, Panama and it is another shady offshore company that can not be traced online easily.
During then and up till now, You can not find anything about that company. I found that entry about it in Panama-Companies.com database saying its status unknown and it had no address.
The only interesting info I found in that entry was that it was founded in 1981.
In a New York Times report in February 2011, it was stated that the registered agent of Ocral Enterprise INC was a Local law firm in Panama.

NYT added one of the lawyers in that unnamed law firm revealed that his firm received orders regarding Ocral from a company in Muscat, Oman.

In a very interesting report published in UAE-based The National in 2013 , more information was revealed about Ocral and that company in Oman.
Allegedly, Ocral got five Panamanians as directors but the company shareholders were identified in the legal Panamanian documents.

The National added that the Egyptian authorities believed the Mubaraks were the owners of Ocral but from discussions with Panamanian authorities, it turned to be controlled by famous Omani businessman Omar Zawawi.
Zawawi is special adviser for an external liaison to Sultan Qaboos of Oman.

The Omani billionaire has been reportedly a very close friend to Mubarak since 1980 when he met him in Cairo. Mubarak was then a vice-president.

Zawawi, who is in his 80s now reportedly visited Mubarak in Cairo days before his ouster. The Egyptian Press used to speak about that man in 2011

The National newspaper also reached to Gamal Mubarak's Switzerland-based lawyer Lionel Halperin and asked him about Gamal Mubarak's townhouse.

The address highlighted in yellow 
Halperin claimed that Bank of America used to pay its rent for its former employee !!
Yes, Gamal Mubarak used to work for Bank of America in London but it does not make sense why he would list that house, that address as his residence in his daughter's birth certificate after resigning from Bank of America decade later !!

It does not make sense why his brother would list it as his address in his file at Mossack Fonseca.

He also claimed that the son of Egypt's president did not know the real owner of that Townhouse in London !!

Yes, because the Egyptian intelligence and the Egyptian embassy do not give damn about the President's son and his safety.

You know I wonder how in 2013 Gamal Mubarak paid for that fancy lawyer in Geneva when he was in detention.

Unfortunately, that report of the National was forgotten in Egypt due to all the action we had that year of 2013.

Thanks to Panama Papers, we are back into digging and connecting dots. It is all about connecting dots.
We remember now many questions we were asking but we have forgotten due to political changes since 2013.

Alaa Mubarak's name and offshore company are considered old news but the Panama papers reminded us of how the Mubaraks are corrupted and how the Egyptian people's money has not been restored yet.

What is more interesting than Alaa Mubarak are the names of other Egyptians implicated and mentioned in the Panama papers.
We still got about 19 Egyptian clients besides Alaa Mubarak mentioned din Mossack Fonseca's records.
Journalist Hisham Allam hinted out that some of them are current and former Egyptian officials.
Who are they !? I think those guys are more important now than Gamal and Alaa Mubarak.


  1. Very well written and collected ya Zeinb ))...thank you

  2. And in 20 years we will be taking about where sissy boy and his cronies stashed there money. Oh for the days of Morsi eh!

  3. Island PM Resigned because the Panama papers refered to his name (thanks to the demonstrations of the people of Island)
    The poor Egyptians citizens should demonstrate and fight to get their Money back


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