Switzerland to return frozen assets of former Egyptian President Mubarak
May 13th, 2011 - 9:32 pm ICT by BNO NewsCAIRO, EGYPT (BNO NEWS) — The Swiss government on Friday announced that it will return all the frozen assets of former Egyptian President Mubarak and other officials if they are proven illegal, the Daily News Egypt reported.
A Swiss delegation working with Egyptian authorities added that 410 million Swiss Francs ($462 million) have been frozen so far from a total 15 high officials of the former regime.
“These aren’t all Mubarak assets. These are assets linked to Mubarak and other officials from the former regime,” said Ambassador of Switzerland, Dominik Furgler. “The investigation is still going on.”
Egypt is seeking the return of the 100 percent of the frozen assets as it claimed that came from misuse of public funds and related corruption schemes. The Swiss delegation added retrieving the assets had to be done according to the law.
The delegation, led by Ambassador Furgler, reported that the assets were frozen in order to preserve them and prevent them from being transferred elsewhere due to the civil unrest that rocked the North African country.
If no proof is shown the assets will be frozen for three years, according to Swiss law. The period could also be extended due to the special circumstances that have taken place in Egypt in recent times.
Meanwhile, Egyptian authorities continue the crackdown on the former regime of ousted President Mubarak. On Tuesday, former Tourism Minister Zohair Garana was sentenced to five years in prison over corruption charges.
Garana was arrested along former Interior Minister Habib El-Adly and steel tycoon Ahmed Ezz, a senior member of Mubarak’s National Democratic Party (NDP). El-Adly was recently sentenced to 12 years in prison for corruption, profiteering and other charges.
The Supreme Council of the Armed Forces took control of Egypt after Mubarak, who led Egypt as president for three decades, stepped down after weeks of anti-government protests by crowds calling for greater democracy and respect of human rights.
- Ex-minister of Mubarak regime to face corruption trial - Feb 28, 2011
- Three ex-Egyptian ministers arrested over corruption allegations - Feb 18, 2011
- Three ex-ministers among four held in Egypt - Feb 18, 2011
- Ex-premier, senior officials barred from leaving Egypt - Feb 13, 2011
- Investigators freeze millions belonging to Mubarak or associates in Swiss bank - Feb 19, 2011
- Egypt's ruling military council not considering amnesty for Mubarak - May 19, 2011
- Ousted Egyptian President Mubarak to stand trial on August 3 - Jun 02, 2011
- Egyptian prosecutors demand death for Mubarak - Jan 06, 2012
- Former first lady Suzanne Mubarak detained for 15 days in Egypt - May 14, 2011
- Egypt court fines Mubarak, two ex-ministers $90 mn - May 28, 2011
- Ousted President Mubarak and sons referred to Egyptian criminal court - May 24, 2011
- Court dissolves Egypt's former ruling party - Apr 17, 2011
- Mubarak aide gets seven years in prison - May 28, 2012
- Egypt bans ex-minister from travelling abroad - Feb 17, 2011
- Egyptian ex-minister sentenced to five years in jail - May 10, 2011
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