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Saturday, 4 June 2011 - Egypt court sentences former finance minister to 30 years jail |
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    Edition: U.S. Article Comments (0) Full Focus Photos of the week Our top photos from the past week.   Full Article  Follow Reuters Facebook Twitter RSS YouTube Read Key al Qaeda man killed in Pakistan by U.S. drone 11:04am EDT "The world is getting warmer": Romney 03 Jun 2011 Key al Qaeda operative killed in U.S. drone strike in Pakistan 7:09am EDT Girl falls to death from New Jersey Ferris wheel 03 Jun 2011 UPDATE 2-Italy to bring forward deficit-cutting decree-sources 23 May 2011 Discussed 78 150 economists back U.S. Republicans in debt fight 59 Moody’s sounds alarm over U.S. debt limit and deficits 46 Romney charges that Obama has ”failed America” Watched Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 Blake Lively denies naked photos, Gaga's album goes number one Thu, Jun 2 2011 Wanted: jobs for college grads Fri, Jun 3 2011 Egypt court sentences former finance minister to 30 years jail Tweet Share this Email Print Related Topics World » Egypt » Youssef Boutros-Ghali stands in front of security officers at the venue of the G20 Finance Ministers and Central Bank Governors meeting in Gyeongju, southeast of Seoul, October 22, 2010. Credit: Reuters/Nicky Loh By Patrick Werr CAIRO | Sat Jun 4, 2011 10:51am EDT CAIRO (Reuters) - An Egyptian court convicted former finance minister Youssef Boutros-Ghali in absentia on Saturday and sentenced him to 30 years in prison for profiteering and abusing state and private assets, a court source said. Boutros-Ghali, widely viewed in Egypt as a public face of a government that enriched the wealthy at the expense of the poor, quit his post in late January then fled abroad, only days after the eruption of the mass uprising that later ousted Hosni Mubarak. Boutros-Ghali also resigned in early February as head of the International Monetary Fund's main policy steering panel. Egyptian media reports have said Boutros-Ghali is in the Lebanese capital Beirut. Many investors and businessmen highly regarded Boutros-Ghali for spearheading free-market reforms that helped boost Egypt's economic growth to around an annual 7 percent in the three years before the 2008 global economic crisis. Soon after his appointment as finance minister in June 2004 Boutros-Ghali slashed import tariffs, reduced income taxes to a flat 20 percent and helped overhaul the banking system. The Cairo court ruled that Boutros-Ghali took private vehicles held at the customs authority and allowed others to use them without the permission of their owners. He took six of the vehicles, including three Mercedes and a BMW, for his private use and delivered another 96 to other parties, the court said. The vehicles had a total value of 35.8 million pounds ($6 million). The court also ruled that he used a Finance Ministry printing center to produce a large amount of materials for his personal election campaign for a seat in parliament in 2010, the court source said. He transferred ministry computers and printers for use at his campaign headquarters for more than six months. The court sentenced Boutros-Ghali to 15 years in jail with hard labor in the vehicles case and another 15 years in the printers case. It also ordered him to return the 35.8 million pounds as the value of the vehicles and to pay a similar amount as a fine, the court source said. In 2008, he took over the chair of the IMF's International Monetary and Financial Committee (IMFC), comprised of finance ministers and central bankers from 24 countries and the main advisory body to the fund's member countries. ($1=5.942 Egyptian Pound) World Egypt Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback   Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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