ISSN 2330-717X

Switzerland blocks millions of Mubarak assets

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The foreign ministry says Switzerland has blocked assets worth several tens of millions of francs of the former Egyptian leader, Hosni Mubarak, and members of his clan.

Switzerland
Switzerland

Details of the assets were released on Friday to the Swiss News Agency by ministry spokesman Adrian Sollberger, who was unable to give a precise figure.

However, he said a number of financial intermediaries had approached the Swiss authorities with information.

On Friday last week, Bern decided to freeze any assets in Switzerland of the former Mubarak and parties close to him to avoid any misappropriation of Egyptian government funds.

In addition, the sale or disposal of any assets, in particular real estate, in the name of 12 persons was forbidden.

According to the Swiss National Bank, Egyptian assets in the country’s banks totalled SFr3.6 billion ($3.8 bilion) at the end of 2009.

On Wednesday this week the new rulers in Egypt submitted a request to Switzerland for legal assistance.

Switzerland has now updated its safety advice for Egypt. The ministry said on Thursday that Red Sea resorts could be visited but that “precaution measures” should be taken. Travel restrictions remain for the rest of the country.

SwissInfo

SwissInfo

swissinfo is an enterprise of the Swiss Broadcasting Corporation (SBC). Its role is to inform Swiss living abroad about events in their homeland and to raise awareness of Switzerland in other countries. swissinfo achieves this through its nine-language internet news and information platform.

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