HSBC Under Fire that it Helped to Enrich Key Political Figures in Mubarak’s Regime

HSBC faces accusations that it helped to enrich senior Egyptian political and business figures now at the centre of corruption investigations. More than a dozen former associates of ousted president Hosni Mubarak are facing trial, as Egyptian investigators focus on allegations that land and state-owned industrial assets were sold at knockdown prices in a process the OECD says was secretive. Research by the Bureau of Investigative Journalism, a not-for-profit body based at London’s City University, has concluded that HSBC raised more than £450m for two of Egypt’s biggest and most controversial property developers now embroiled in corruption court cases. – Guardian