Desperately Seeking Gamal Researching his assets Nicholas Hildyard

Desperately Seeking Gamal Researching his assets Nicholas Hildyard The Corner House

Looking for Clues • What’s Gamal himself said about his companies? • Intelligence from Egyptian and other social movements • Newspaper reports

Google Search : “Gamal Mubarak + Linkedin”

Google Search: “Gamal Mubarak + Wiki”

Search: “Mubarak” + EFG Hermes

Three potential assets. . . • Medinvest Associates, UK • Bullion Company Limited, ? ? • EFG Hermes Private Equity, ? ?

Opencorporates search: EFG Hermes Private Equity

Opencorporates: Bullion

Duedil: Medinvest Associates

Getting a snapshot through Duedil

But Medinvest had no substantive assets. .

Dissolved AFTER EU Freezing Order

QUESTION • Why did UK authorities permit company to be wound up, given its links to Gamal Mubarak and the EU Council freezing regulation?

Medinvest Shareholders

Off to Companies House. . .

Gamaldirector

Annual return for 2000 gives Gamal’s address – a potentially seizable asset

Bullion’s country of registration

Company Registrars in other Countries

Cyprus

Searches on Bullion in Cyprus Registry reveal. . . Incorporated: 23 August 1996 in Cyprus, Co Number: ΗΕ 80915 Current status: Active Mubarak-related Directors: • Ala’a Mubarak, 23 August 1996 to 22 February 2011 • Walid Kaba (British), 29 August 1996 to 7 February 2008 Ownership: CP Palema Services Beneficial owners are unknown. · Previous major shareholders have included Panworld Investments Inc, Nakoda Limited, Walid Kaba and Said Kaba. Assets: No details available.

Bullion Shareholders Aug 1996 – Jan 2008 Walid Kaba Said Kaba Marrash 25% Panworld Investments INC BVI or Mauritius? 50% Bullion Co Limited Registered in Cyprus 100% Medinvest Associates Limited UK 35% or 36% After 2003? EFG-Hermes Private Equity BV Skin the game? International Securities Fund Established 2001 Managed by Bullion

Bullion Co Limited ownership structure 5 February 2008 to 30 October 2010* CP Palema Administrator CP Palema Services Limited Registered in Cyprus Nominee shareholder? ACTING FOR WHOM? 1% Walid Kaba Said Kaba Marrash 25% 99% Nakoda Limited Cyprus 50% Bullion Co Limited Registered in Cyprus 100% Medinvest Associates Limited UK 35% or 36% After 2003? EFG-Hermes Private Equity BV Skin the game? International Securities Fund Established 2001 Managed by Bullion

Bullion Current Shareholders ΠΑΜΠΟΣ ΠΑΠΑΣ ΧΑΡΑΛΑΜΠ ΟΣ ΠΑΠΑΣ 100% 100 % Karlstem Limited CP Palema Services Limited ACTING FOR WHOM? 99% 50 1% Nakoda 50% Bullion Co Cyprus 100% Medinvest Associates Limited 35% or 36% After 2003? EFG-Hermes Private Equity ? ? ? International Securities

Three more companies Nakoda Panworld Investments Inc C. P. Palema Services

Search: “EFG Hermes Annual Reports”

What the EFG Hermes accounts tell. . . • EFG Hermes Private Equity not mentioned until 2000, thus a number of years after 1997 when Mubarak refered to it in interview. • Shareholding pattern for EFG Hermes Private Equity does not accord with Mubarak having a stake • In 2003, EFG Hermes Private Equity disappears from the list of subsidiaries • A third company – EFG-Hermes Private Equity (BVI) – also appears in the 2003 accounts. This British Virgin Islandregistered company is the only one with a shareholding patter that accords with Mubarak having a 18% stake

“EFG-Hermes Private Equity”, as recorded in EFG-Hermes Annual Reports Name Date first recorded in Annual Report EFG-Hermes Holding Direct Stake EFG-Hermes Holding Indirect Stake Current Status EFG-Hermes Private Equity Accounts for year ending 31 December 2000 96. 2% 3. 8% No mention after 2003 EFG-Hermes Private Equity (Egypt) Accounts for year ending 31 December 2003 96. 3% 3. 7% No mention after 2003 EFG-Hermes Private Equity (BVI) Accounts for year ending 31 December 2003 65% Current?

Questions to EFG Hermes Is EFG Hermes Private Equity (BVI) the same as the EFG Hermes referred to in the statement of 2011? Does Mubarak hold a beneficial interest and if so how? Invitation to comment on specific statements

Bingo! • EFG Hermes confirms Gamal Mubarak’s interest in EFG Hermes Private Equity BVI