Switzerland continues to freeze CHF400 million linked to Mubarak’s entourage

Mubarak died in February last year at the age of 91. Copyright 2020 The Associated Press. All Rights Reserved.

Ten years after the fall of the Egyptian president, Husni Mubarak, around CHF400 million (around $443 million) remains seized in Switzerland.  

Proceedings for criminal association and money laundering are still pending against five people, including the two sons of Mubarak, as well as an unknown person, according to the Office of the Attorney General of Switzerland. 

In 2011, the Swiss government reacted immediately to the “Arab Spring” protests and ordered the freezing of the assets of the deposed Egyptian dictator and his entourage in Switzerland as a precautionary measure. Initially, around $700 million linked to 28 individuals and 45 legal entities were frozen and 140 Swiss bank accounts were investigated. 

However, the Swiss authorities had to backtrack at the request of the Egyptian authorities, who concluded so-called reconciliation agreements in Egypt. These agreements, together with several acquittals or decisions to drop proceedings, led to the Egyptian courts dropping criminal proceedings in the most significant cases that could be linked to the frozen assets in Switzerland. 

As Cairo withdrew its accusations, the Office of the Attorney General of Switzerland was no longer able to prove money laundering activities in Switzerland and decided to drop the investigations against several individuals. 

In 2018, Switzerland returned CHF32 million francs to the Egyptian state that originally belonged to businessman and former politician Ahmed Ezz. It was the first time that the Office of the Attorney General returned blocked funds to the Egyptian state.