Finance minister: Retrieving smuggled funds unlikely

The retrieval of smuggled funds by figures of the ousted regime requires complicated legal procedures in their home countries, said Finance Minister Momtaz al-Saeed, who said it is unlikely all will be returned.

A committee chaired by the justice minister is addressing these countries, especially Switzerland and the United Arab Emirates, said the minister in a briefing Tuesday, confirming that the matter is related to financial, not criminal corruption. Egypt is in dire need of these funds, said the minister, thinking it unlikely to know their real volume or the amounts that could be repatriated.

The government did not receive any official documents from figures of the ousted regime, but only got verbal messages from Ahmed Ezz in Tora Prison and fugitive businessman Hussein Salem, Saeed said, denying that former Trade Minister Rachid Mohamed Rachid offered reconciliation and access to Egypt for returning some of his money and possessions.

The minister also said that the maximum wage system will be enforced retroactively, starting from January 2012.

He said that enforcing the law on maximum and minimum wages would be like the taxation of financers, which means that by the end of the tax year the law will be enforced retroactively. He added that in certain cases taxpayers would pay installments on account until the total settlement of funds.

Translated from Al-Masry Al-Youm

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