Ex-Egyptian Housing Minister Receives Eight-Year Prison Sentence

Posted by Orb Staff on March 30, 2012 No Comments
Categories : Residential Mortgage

11211_ibrahim_soliman_903164309 Ex-Egyptian Housing Minister Receives Eight-Year Prison Sentence It appears there is a housing finance aspect to the Arab Spring uprisings: Former Egyptian Housing Minister Ibrahim Soliman was sentenced by a Cairo court to eight years in jail and fined $360.9 million for intentionally selling state land to developers at far below its market value.

According to a Reuters news report, seven other businessmen and state officials – including the father-in-law of ex-President Hosni Mubarak's son Alaa – were also sentenced and fined in the case.

Soliman served as housing minister from 1993 to 2005. Charges against him were raised in May 2011, three months after Mubarak's overthrow. The Egyptian government has stated that it will seek the return of the land sold by Soliman.

(Photo courtesy Egypt.com)

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