Region: Egypt

Swiss money laundering probe into Egypt’s former ruling family fizzles out

Swiss prosecutors have closed an 11-year-long investigation into ousted president Hosni Mubarak’s “entourage” after seizing just $34 million of almost $650 million in frozen funds.

14 April 2022

Businesses in the Middle East and North Africa lack anti-bribery policies

Forty-eight per cent of large business in the Middle East and North Africa (MENA) lack anti-corruption and compliance policies, according to a survey on fraud by accountancy firm Ernst & Young.

24 June 2015

Bechtel exec given three-and-half year prison sentence for taking bribes

Former Bechtel executive Asem Elgawhary has been sentenced to three-and-a-half years in prison for taking US$5.2 million in bribes to help three energy companies secure contracts with a Bechtel joint venture, the US Department of Justice (DoJ) said in a statement on Monday.

24 March 2015

African bribery enforcement: “watch this space”

While numerous African jurisdictions have introduced legislation to tackle supply-side bribery, many such laws “remain ineffective for want of enforcement”, say Hogan Lovells lawyers in a new report.

23 February 2015

Bechtel former VP pleads guilty to accepting kickbacks

A former vice president of engineering company Bechtel has pleaded guilty to fraud and conspiracy to commit money laundering in a Maryland federal court. In exchange for US$5.3 million of kickbacks, Asem Elgawhary gave three power companies confidential information that helped them bid for contracts with Egypt’s state-owned electricity company, the US Federal Bureau of Investigation said in a 4 December statement.

05 December 2014

IBA Tokyo: anti-corruption update

The IBA’s Anti-Corruption Committee today presented an update on legal developments and enforcement action around the world.

22 October 2014

New Egyptian law unlikely to increase corruption risks

This week, Egypt will introduce a controversial piece of legislation restricting the right of third parties to challenge Egyptian government contracts over perceived corruption.

25 April 2014

Corruption cost Egypt US$28 billion over 2013

Corruption in Egyptian governmental institutions cost the country around 200 billion Egyptian pounds (US$28 billion) over 2013, the head of the country’s Central Auditing Committee, Hisham Geneina, has said.

14 March 2014

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