Politics
Big name, big money
Updated: 2011-02-15 07:56
(China Daily)
Mubarak's younger son, 47-year-old Gamal, set himself up as the director of a London-based investment firm called Medinvest Associates Ltd in 1996, but resigned in 2001. Said Kaba, a current director of Medinvest, said the company is no longer linked to Mubarak's relatives, telling the Sunday Times in London that he knew little about the family's possible UK investments.
Medinvest, based in a stone-front building in London's swank Knightsbridge neighborhood, is listed as having one employee and 50,000 pounds sterling (nearly $80,000) of issued capital - the minimum needed to get a trading certificate, operate a business and borrow. The company's profit and turnover weren't disclosed. Its net assets were valued at just over nearly $360,000.
Gamal Mubarak is listed as the owner of 28 Wilton Place, a six-story Georgian townhouse, a few blocks from Medinvest's office.
The Cairo-based Mideast investment bank EFG-Hermes said Gamal Mubarak holds an 18 percent share in a subsidiary, EFG Hermes Private Equity. The bank said Gamal Mubarak's relationship with the company began in 1997, before he entered politics, and was made public at the time. The banks said it "does not manage funds for the Mubarak family, nor has it received - directly or indirectly - any benefits or special consideration from the Egyptian government."
AP
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