Mubarak Used Final 18 Days to Hide His Fortune

Intelligence sources say he moved money around

By Evann Gastaldo,  Newser Staff

Posted Feb 13, 2011 2:44 PM CST

(Newser) – It took protesters 18 days to oust Hosni Mubarak, and he used that time wisely, funneling his fortune into untraceable overseas accounts, according to Western intelligence sources. During his 30 years in power, Mubarak is said to have amassed anywhere between $4.8 billion and $64 billion, and demand is growing for the ex-president to be put on trial for corruption and stealing state wealth. “Half of the population lived in poverty, while Mubarak and those around him lived in heaven,” one protester tells the Telegraph .

Switzerland has already frozen Mubarak’s assets, and the UK may do the same, but intelligence sources say Mubarak has been trying to place his fortune out of investigators’ reach. He is said to have investments and properties in London, New York, Paris, and Beverly Hills. Mubarak is currently at his Sharm El-Sheikh villa, with unconfirmed reports suggesting he is under house arrest, but his final destination could be a Gulf state where the Mubaraks have investments—and friendly relations. Click for more on Mubarak's net worth.

Egyptian President Hosni Mubarak looks on at his office at the Presidential palace in Cairo, Egypt, in this Wednesday, Feb. 9, 2011 file picture.
Egyptian President Hosni Mubarak looks on at his office at the Presidential palace in Cairo, Egypt, in this Wednesday, Feb. 9, 2011 file picture.   (AP Photo/Amr Nabil, file)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
46%
5%
14%
24%
8%
2%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   HitFix   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   CollegeHumor   |   Barstool Sports   |   OK!