Egyptian businessman Hussein Salem passed away late Monday after a sudden health deterioration in Madrid, Spain at the age of 85.
“Salem’s body will be transferred to Egypt in order to be buried at his family’s cemetery according to his will,” informed sources revealed.
The date of the funeral has not been determined yet.
Business Tycoon Hussein Salem
Hussein Salem is one of the most famous businessmen during former Egyptian President Hosni Mubarak era. He was born on November 11, 1933 in Helwan.
Salem is co-owner of the East Mediterranean Gas Company (EMG). He is also the chairman and CEO of HKS Group, a hospitality company that operates Maritim Jolie Ville Resort in Sharm El Sheikh.
He has been described as “one of the most secretive businessmen in Egypt”. He was known as the “Father of Sharm El Sheikh” due to his resort development activities.
Salem, who also holds Spanish citizenship, was arrested under an international warrant in 2011 in Spain, where he fled after the popular uprising that ended Mubarak’s 30-year rule.
Since 2011, he has been sentenced to several prison terms over many charges including: seizing state-owned land, money laundering, bribery, corruption, as well as exporting gas to Israel for less than the global price in order to achieve personal benefits.
Yet, in 2013, Salem submitted several requests with the prosecution to reconcile with the Egyptian state by paying large amounts of money in exchange for charges against him and his family members being dropped.
In 2016, the Egyptian government had announced a reconciliation with Salem and his family members in three corruption cases, on the condition that he pays EGP 5.3 billion.