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Egyptian investment bank EFG-Hermes announced on Sunday that Gamal Mubarak, son of former president Hosni Mubarak, had taken LE189.45 million worth of profits from the company since 2007.
"EFG-Hermes Financial Group Holding stresses that its relationship with Mr. Gamal Mubarak is limited only to ownership of around an 18-percent stake in one of its subsidiary companies, EFG Private Equity," the bank declared in a statement released by the stock exchange.
The firm, which is the largest investment bank in Egypt, also said the bank's relationship with the younger Mubarak dated back to 1997, before the latter became involved in politics.
According to bank reports from the first nine month of 2010, EFG-Hermes revenue totaled LE133.7 million, which puts Mubarak’s profits at LE37 million--this in addition to profits earned from the Commercial International Investment Company worth a total of LE222.5 million, of which Mubarak took LE40.05 million. This puts the total amount of profits accumulated by the ex-president's son in 2010 at LE77.5 million.
Total profits generated by Gamal Mubarak--who quit his position as head of the ruling National Democratic Party's influential Policies Secretariat on 5 February--for the years 2007 to 2009, meanwhile, reached some LE112.3 million, according to company records.
Capital market expert Talal Tawfiq called on the Attorney General to freeze the Mubarak family's assets, especially those of Gamal, whose investments in Egypt are mainly concentrated in funds and companies established abroad.
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