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 ServicesBeneficial owners are unknown.

·      Previous major shareholders have included Panworld Investments Inc, Nakoda Limited, Walid Kaba and Said Kaba.

Assets: No details available.

 

Bullion Co LimitedRegistered in Cyprus

Walid Kaba Said Kaba Marrash

Panworld Investments INC

BVI or Mauritius?

Medinvest Associates Limited

UK

100%

50%25% 25%

After 2003?

EFG-Hermes Private Equity BV

35% or 36%

International Securities Fund

Established 2001Managed by Bullion

Skin the game?

Bullion Shareholders Aug 1996 – Jan 2008

Bullion Co LimitedRegistered in Cyprus

Walid Kaba

Said Kaba

Marrash

Nakoda LimitedCyprus

50%

Medinvest Associates

LimitedUK

100%

50%25% 25%

After 2003?

EFG-Hermes Private Equity BV

35% or 36%

International Securities Fund

Established 2001Managed by Bullion

Skin the game?

CP Palema Administrator

Registered in CyprusNominee shareholder?

ACTING FOR WHOM?

CP Palema Services Limited

Registered in CyprusNominee shareholder?

ACTING FOR WHOM?

99%1%

Bullion Co Limited ownership structure

5 February 2008 to 30 October 2010*

Bullion Current Shareholders

Bullion Co Cyprus

CP Palema Services Limited

ACTING FOR WHOM?

Nakoda

Medinvest

Associates Limited

After 2003?

EFG-Hermes Private Equity

International

Securities

Karlstem Limited

50%

50

99% 1%

???35% or 36%100%

ΧΑΡΑΛΑΜΠΟΣ ΠΑΠΑΣ

100

%

ΠΑΜΠΟΣ ΠΑΠΑΣ

100%

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 Island-registered 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 HermesIs 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