Egypt’s public prosecution has handed over 265 kilograms of seized gold bullion, valued at nearly EGP 1.65bn ($34 million), to the country’s central bank in a move praised by the prime minister as a model for efficient resource management.
Speaking at a ceremony at the Public Prosecutor’s office on Monday, Prime Minister Mostafa Madbouly said the handover was a “practical embodiment of the state’s approach to managing its resources efficiently” and a “direct translation” of President Abdel Fattah al-Sisi’s directives to dispose of seized assets in a way that strengthens the national economy.
“The Public Prosecution did not treat the seized gold as static evidence, but rather as a national wealth capable of supporting the state’s gold reserves and strengthening its currency,” Madbouly said.
He explained that the majority of the seized gold was converted into high-quality bullion for the central bank, while another portion with historical and financial value will be sold at public auction to maximise financial benefit.
Madbouly highlighted that this was not the first such initiative by the Public Prosecution. He pointed to its success in clearing impound lots of vehicles, issuing tens of thousands of decisions to dispose of serviceable vehicles and handing over thousands of unserviceable ones for recycling. This effort is nearing completion in the 15th of May City area, which will free up a 24-feddan plot of land valued at approximately EGP 2.5bn.
The prime minister also referenced the successful resolution of a long-standing “suspended account” at the central bank’s Alexandria branch, which held seized financial assets in various currencies valued at about half a billion Egyptian pounds. In coordination with the central bank, these funds were converted to U.S. dollars, and the confiscated amounts were transferred to the state treasury.
“These files collectively confirm that the Public Prosecution is an important economic actor within the state system and a key partner in strengthening its resources, in addition to its original role in achieving justice and upholding the rule of law,” Madbouly said.
He added that the achievement was the result of institutional integration between the cabinet, the Public Prosecution, the Central Bank, and the ministries of finance, interior, supply, and justice, among others.
“The Egyptian government… affirms its full support for all efforts made in the path of asset management and maximising state resources,” Madbouly concluded, expressing his thanks to the Public Prosecutor and all state institutions involved.
