RECOMMENDED READING: “Muslims Inc: How Rich Is Khairat El-Shater?”

Khairat El-Shater

Ahram Online has posted an articled titled “Muslims Inc: How rich is Khairat El-Shater?” which examines the finances of Egyptian Muslim Brotherhood presidential candidate Khairat El-Shater. The article begins:

05 April 2012 Cairo Egypt’s new presidential hopeful may be a multi-millionaire businessman but his prominent role in the Muslim Brotherhood and its Mubarak-era secrecy means the extent of his wealth and economic interests are difficult to trace  Is he only worth the LE80 million that was confiscated from his family back in 2007?  No one can tell. Very little is known about the economic ventures of the multi-millionaire businessman Khairat El-Shater who at the weekend became Egypt’s latest presidential hopeful. He is the second-in-command in Egypt’s largest and best-organised political group, the Muslim Brotherhood, and, according to some reports, their top financier. But El-Shater’s official site and Facebook page doesn’t say much about his business interests. Tracing these connections is a tricky endeavour as any of his ventures could be registered in the name of his wife or any of his ten children, political economy professor Zeinab Abul Magd claimed in an article. Abul Magd said that 72 Brotherhood-related companies were confiscated in 2007 in what turned out to be the final Mubarak government crackdown on the then-illegal group. Among the businessmen apprehended by police were Ahmed Shousha, Sadeq El-Sharqawi, Ahmed Ashraf, Ahmed Abdel Aaty, Asaad El-Sheikha. All were accused of laundering money for the Brotherhood. One ex-Brotherhood member told Ahram Online that El-Shater’s combined wealth calculated by the military court in 2007 amounted to around LE80 million ($13 million), but that this could be only the tip of the iceberg. As a prohibited political group, the Brotherhood had a history of hiding its resources to protect them from confiscation. Members of the organisation living in exile – among them  Youssef Nada in Switzerland and Kamal El-Helbawy in London – were reportedly responsible for investment portfolios. El-Shater himself spent many time in the UK, Jordan and Saudi Arabia between the years 1981 and 1987, according to the official site Ikhwan Wiki.

Read the rest here.

A post from the end of March reported on El-Shater’s nomination which broke the promise of the Egyptian Muslim Brotherhood not to field a candidate for President.

For a profile of Mr. El-Shater, go here.

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