Corrupt leaders may have cost Egypt $57.2b

Greg Garraway
2/14/2011
2:4 PM
Corrupt leaders may have cost Egypt $57.2b

The article I found was about Dubai Corruption including tax evasion and crime which cost Egypt a huge amount. Approximately $6 billion (Dh22.03 billion) annually and a total of $57.2 billion from 2000 to 2008 in illicit financial activities and government corruption, according to a report by Washington-based Global Financial Integrity (GFI)." "Deposed President Hosni Mubarak and his family have a personal fortune worth $40 billion to $70 billion accumulated during his 30 years in power, according to recent estimates. Others place the Mubarak family fortune at $1 billion to $5 billion stashed in foreign banks, an anonymous US intelligence official told the news channel ABC." The leader as well as other leader have huge assets set away. Switzerland froze Mubarak's assets after he stepped down from power. Many of the people in Egypt suffer and earn only 20-40 cents per day live in poverty. While the corrupt leaders make more than enough money to cover Egypt's 32billion foreign debt. The people and government are investigating some of these former ministers and businessmen for looting the public wealth. They are confined to living in Egypt and can not travel outside Egypt. Their accounts have been frozen as well. The majority of the leader's money come from the disposal of large state-owned companies, such as transport, and tele-coms, public funds from international bodies, and defense deals.

Analysis. I believe the rich get richer and the poor get poorer. It sad but this global issue has been around for ages. Its almost cliche the corrupt leaders dominate and collect all the money while low class workers are forced into labor which they make a few cents a day. It is good do see most of the leader's are getting busted for the dirty behind the scene deeds and their accounts are being frozen as well as they cannot flee the country. It is a socio problem due to the many people getting affected by the bad of the people which should be good and helping their country out.


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