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Offshore Leaks Database

Data from
Panama Papers - The Power Players
President of Egypt (1981-2011)

Hosni Mubarak

Associates in the data:

Related to

Egypt

About

Alaa Mubarak is a wealthy Egyptian businessman and the eldest son of ousted former Egyptian President Hosni Mubarak. Alaa Mubarak, his brother Gamal and father were detained in April 2011, two months after Hosni Mubarak resigned the presidency in the face of a popular uprising. The men were sentenced in May 2015 to three years in jail for embezzling millions of dollars in state funds intended for the renovation of palaces. A Cairo criminal court released Alaa and his brother in October 2015, acknowledging the time they served in jail since their arrests. The brothers still face trial on charges of insider trading. Their father remains in custody in a military hospital.

In the data

Alaa Mubarak owned the British Virgin Islands firm Pan World Investments Inc., managed by Credit Suisse. In 2011, the year in which his father resigned the Egyptian presidency and was arrested along with Alaa and another son, BVI authorities told Mossack Fonseca to freeze Pan World's assets, an order prompted by a European Union law. In 2013, Mossack Fonseca was fined $37,500 for failing to properly check into Alaa Mubarak, "a high risk customer." Internally, Mossack Fonseca admitted its procedures were "seriously flawed" as Mubarak hadn't been identified early enough. Credit Suisse, however, wrote Mossack Fonseca that Pan World's activities – "one investment with HIG Venture Fund" and a cash account with the bank – did not contravene Switzerland's freeze on Mubarak's assets. In 2014, a second BVI agency started investigating Mossack Fonseca and Pan World. Company employees admitted internally that they could be found "in further breaches." Noting they had "very little control" over Mubarak's company, they resigned as its agent in April 2015.

Response

Mubarak did not respond to repeated requests for comment.
This visualization contains relevant information in relation to the profiled individual. Some additional connections might show up once we release the full structured data connected to the Paradise Papers investigation in the coming weeks.

Disclaimer

There are legitimate uses for offshore companies and trusts. The inclusion of a person or entity in the ICIJ Offshore Leaks Database is not intended to suggest or imply that they have engaged in illegal or improper conduct. Many people and entities have the same or similar names. We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. The data comes directly from the leaked files ICIJ has received in connection with various investigations and each dataset encompasses a defined time period specified in the database. Some information may have changed over time. Please contact us if you find an error in the database.

There are legitimate uses for offshore companies and trusts. Read more

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There are legitimate uses for offshore companies and trusts. The inclusion of a person or entity in the ICIJ Offshore Leaks Database is not intended to suggest or imply that they have engaged in illegal or improper conduct. Many people and entities have the same or similar names. We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. The data comes directly from the leaked files ICIJ has received in connection with various investigations and each dataset encompasses a defined time period specified in the database. Some information may have changed over time. Please contact us if you find an error in the database.