“Mubarak sons have millions in Swiss banks”

The two sons of ousted Egyptian President Hosni Mubarak have an estimated $340 million (SFr305 million) in Swiss bank accounts, says a senior Egyptian official.

The major share – $300 million – was held by 49-year-old Alaa, Mubarak’s elder son, said deputy justice minister Assem al-Gohary, who also heads the Illicit Gains Authority which is assigned with retrieving illegal money stashed abroad.

Al-Gohary said on Monday Swiss authorities were investigating whether Alaa was involved in money laundering along with other ex-regime figures.

In Egypt, Mubarak and his sons have been charged with corruption and all three are under arrest. Mubarak is also charged with complicity in the killing of about 850 protesters during the Egyptian uprising which took place between January 25 and February 11.

Switzerland has already frozen the assets of the Mubarak family and other ex-Egyptian regime figures, which al-Gohary estimated at nearly $450 million. He added that most of those assets belong to the sons.

Mubarak’s youngest son and one-time heir apparent Gamal, 47, rose rapidly through the ranks of his father’s ruling National Democratic Party over the past decade to become the country’s most powerful politician.

The wealth of Alaa, a businessman who kept out of politics, was the subject of much speculation well before the political rise of his younger brother.