Egypt to seize 66 'Muslim Brotherhood' companies

The funds of 66 companies reportedly affiliated with the Muslim Brotherhood are to be seized by the Egyptian government, a committee tasked with appraising and freezing the funds of the banned organisation decided on Thursday.

The committee will inventory the companies Al-Farida, Sirar, Istikbal, Al-Ezz for trade and Malek for trade and clothing with the aim of taking hold of their respective managements.

Istikbal, Sirar and Malek for trade and clothing were owned by Brotherhood member Hassam Malek, a prominent Egyptian businessman long suspected of financing the organisation and whose assets were frozen prior to the 2011 Egyptian revolution.

In 1992, Malek and fellow Brotherhood member and businessman Khairat El-Shater were prosecuted on charges of embezzlement through a joint IT venture called Salsabil and imprisoned for a year pending investigation.

Once cleared of charges, Malek branched into the furniture industry, establishing two Egypt-based companies that rely on imports from Turkey: Istikbal and Sirar.