Probe sought on Mubarak family finances

| 17/02/2011

(Washington Post): Egypt Anti-corruption campaigners pressed Egypt’s chief prosecutor Thursday for an investigation into the assets of Hosni Mubarak and his family, handing over documents that they say spotlight the kind of potentially improper financial dealings that may have allowed the former ruler and his relatives to amass a large fortune. The family’s wealth – speculation has put it at anywhere from $1 billion to $70 billion – has come under growing scrutiny since Mubarak’s Feb. 11 ouster opened the floodgates to three decades of pent-up anger at the regime. At the centre of the activists’ complaint are records that raise questions about offshore companies and funds based or registered in Cyprus, the Bahamas, the British Virgin Islands and the Cayman Islands.

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  1. Anonymouse. says:

    I certainly hope that if money is in fact deposited here that some is in dormant accounts and that our Dictator can simply seize it and distribute it as he sees fit. I doubt very much that anyone is looking at this time though, because things work in stages and the small amounts that belong to us Caymanians will be seized and distributed first.

  2. Anonymous says:

    I would like to see the financial regulators instruct all financial institutes licenced in Cayman to report to them any trusts, companies, funds, bank accounts, etc. etc. which might be linked to this regime, its leaders and family members, and show the world we are pro-active in routing out this kind of business. Positive action is needed to improve our standing. Sitting around doing nothing is not an option.

    • Anonymous says:

      Let us see how long the authorities will sleep, sorry sit, on this one.

  3. Jonathan says:

    The Cayman Islands as a whole, whether we like it or not, are one day which may be sooner than later going to have to address the fact that many evil entities in the world have used this “island in the sun” as a repository for ill-gotten gains. We as Caymanians tout ourselves as a christian nation and yet still the deafening sound of silence is heard when this fact is made known to all. Not once have I ever heard a preacher begin to acknowledge this billion pound gorilla sitting in the pews. To say that this is a touchy subject is certainly an understatement to us locally due to our reliance on the financial industry as one of the principal legs of our national economy. This is not going to go away though and the sooner this subject enters the realm of public discourse the better because whether one wants to call it the golden rule, karma, ju-ju or the other terms for the posession of a moral compass the fact remains the same. The ostritch with it’s head stuck in the sand has an extremely exposed derrier. The pride that Caymanians feel is chiselled away every time these facts come to light, I for one am damn sick and tired of every fraudster, criminal, embezzler, crime syndicate, dictator etc. using our country as a stash house whether it is on a TV show or in reality. I say look at the situation we presently find ourselves in as a country in regards to crime and the myriad other social ills which we have and test it with the truth of the matter. We as a country will have to look at this with a clear eye and as hard as it is what is necessary here is the ability to call a spade a spade. The charade has to stop some day, as I am of the opinion that the backlash for what has been going on in secret in Cayman is coming back to bite this country collectively on the ass. The world is watching. God bless the Cayman Islands, we need it.

    • Anonymous says:

      Ancient history, Jonathan. A preacher would not have the foggiest notion of what our financial industry is all about, but then again, neither do you.

      • Anonymous says:

        “Ancient history…”

        Are you saying that our financial industry knowingly laundered corruptly gained money in previous years and that our financial industry now knowingly does not handle money from corrupt and oppressive sources?

        If the answer is yes, then you are totally wrong my friend.

        Our financial industry still adopts the policy of “Money has no smell”, they do not care how the money was obtained only the it is organized in such a way as to hide its corrupt and oppressive sources, I know this as a fact.

        Sorry to burst your balloon!

        • Anonymous says:

          Please tell us everything you know as a "fact"…..

        • Anonymous says:

          Give it up. We take our anti-moneylaundering requirements seriously. But of course you may be personally involved in some scheme that does not, but speak for yourself.