The Cairo Criminal Court sentenced Magdy Rasikh, the father-in-law of Alaa Mubarak, the son of the late President Hosni Mubarak, and Hossam Reda Genena to 10 years in prison for embezzling over one billion Egyptian pounds from gas consumers.
Country:
Egypt
Date:
June 2024
The Cairo Criminal Court sentenced Magdy Rasikh, the father-in-law of Alaa Mubarak, the son of the late President Hosni Mubarak, and Hossam Reda Genena to 10 years in prison for embezzling over one billion Egyptian pounds from gas consumers.
ARIJ’s investigation “The Secret Behind Magdy Rasikh: The Controversial Oil Tycoon is Still in Business?” conducted as part of the “Pandora Papers” project, by journalist Mohamed Zidan, revealed how Magdy Rasikh deceived the Egyptian government for more than ten years by obtaining agreements and deals from the Egyptian Ministry of Petroleum to import natural gas and supply it to homes and factories. These are similar to the activities conducted by his first company, National Gas, only this time they are conducted by another company called Fleet Energy, which was founded in Panama in 2007 with an operating office in Dubai.
