Swiss holds on to Mubarak’s funds

Comment on this story


iol pic afr Mideast Egypt Mubarak~1

AP

File photo: Hosni Mubarak

Bern -

Switzerland has postponed its effort to send 700 million Swiss francs (767 million dollars) of the former regime back to Egypt because of the uncertain political situation there, media reported on Sunday.

Egyptian authorities had asked for judicial assistance in accessing frozen Swiss bank accounts of Hosny Mubarak and his family.

The decision by the attorney general follows a similar ruling by the federal criminal court from December, Swiss news agency sda reported.

The court found that Egyptian authorities could not access legal files of Swiss criminal proceedings against members of the family of ousted Egyptian President Hosny Mubarak, given the political instability.

Current President Mohamed Morsi set in motion mass protests in November centring on the new constitution and on his power struggle with judiciary authorities, which are in charge of getting back Mubarak's foreign assets.

Switzerland has started legal procedures to transfer close to 1 million Swiss francs of frozen assets of deposed Arab leaders to post-uprising governments. Swiss accounts allegedly hold illegal income from heads of state of Tunisia, Egypt, Libya and Syria, and from their families.

Sapa-dpa


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks

Business Directory