Mubarak's lawyer denies reports on wealth

A legal representative for Hosni Mubarak denied media reports that the former Egyptian president had amassed enormous wealth in office, Egypt's official Middle East News Agency (MENA) reported on Sunday.

Since President Mubarak stepped down on Feb. 11, some media reports suggested his wealth may have amounted to billions of dollars. Some anti-Mubarak protesters demanded that he should be held accountable for squandering the nation's wealth.

A few days before Mubarak was forced to leave, media reports estimated his family's fortune to be anywhere between $40-70 billion.

"The former President Hosni Mubarak has submitted his final financial statement to the concerned judicial bodies according to the law," said the legal representative to Mubarak, quoted by MENA.

The representative, who was not named, added Mubarak had met his commitment to submit previous financial statements on time.

Egyptian officials are required to submit regular financial statements to the relevant authorities.

The representative "categorically denied everything that was said, published and circulated by some media domestically and abroad over the last few weeks", referring to rumors about Mubarak's wealth, the news agency reported.

Mubarak's representative said "ill-intentioned rumors had no basis in fact related to the size of his fortune or having assets or possessions overseas", adding that the rumors were aimed at damaging Mubarak's reputation and financial integrity.

The Telegraph reported quoted a senior Western intelligence source last week who said that Mubarak transferred "vast wealth" to untraceable accounts overseas during the 18 days of protests preceding his stepping down.