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Mubarak-era trade minister not wanted for trial on any charges, says judicial official

Friday 16-06-2017 - 01:52 PM
Rashid Mohamed Rashid
Rashid Mohamed Rashid
Rashid Mohamed Rashid

Cairo - Egypt’s former minister of trade and industry Rashid Mohamed Rashid, who arrived in Egypt earlier on Thursday, does not face any charges as he reached a settlement deal with the Egyptian Justice Ministry's Asset Recovery Committee, a senior judicial official said.

Speaking exclusively to Al-Bawaba News on Friday, Head of the Illicit Gains Authority Counselor Adel El-Saeed said Rashid was facing counts of graft and abuse of power, but now he is not wanted for trial on any charges after he paid a total of 500 million pounds for reconciliation with the Asset Recovery Committee.

Earlier, the committee announced that it approved a settlement deal with Rashid that ended his criminal troubles with the Egyptian government.

According to the state-run Middle East News Agency (MENA), the committee agreed on reconciliation with Rashid after reviewing “official reports” that exonerated him of all charges regarding how he obtained his assets and wealth.

After the ousting of ex-president Hosni Mubarak in February 2011, Rashid left the country.

He was later accused in cases of squandering public funds and illicit gains during his tenure as trade minister from July 2004 to January 2011.

In 2011, the former minister was sentenced in absentia to 5 years in prison over graft and corruption charges; and 15 years and a fine of EGP 1.4 billion for squandering nearly EGP 600 million in public funds after issuing questionable licenses to steel business tycoon and former National Democratic Party leading figure Ahmed Ezz.

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