Egypt Watch

Brotherhood funds confiscated and annexed to state treasury

In an escalation by the Egyptian regime against the Muslim Brotherhood, the Committee for Inventory, Seizure and Management of Terrorist Funds has issued a decision to confiscate the funds of more than 120 people accused of financing the group and reviving its economic activity.

The Court of Appeal for Urgent Matters rejected grievances filed by defendants on the committee’s decision to transfer all the money and property belonging to the accused to the state’s public treasury.

Sources stated that the people who issued executive decisions to confiscate their money include several owners of schools and hospitals.

This decision is the first of its kind in six years.

One source said that taking this step now is in response to direct instructions from President Abdel Fattah al-Sisi’s circle, who was not satisfied with the way in which the holding companies and government institutions managed a number of the largest economic institutions seized six years ago. 

Most of these institutions suffered heavy losses, forcing several of the new government departments to close.