The Swiss Federal Prosecutor has dropped part of an investigation into former Egyptian President Hosni Mubarak and members of his family and entourage. It means that some of their frozen funds will be made re-available.
The money that was being kept in Swiss accounts was blocked in February 2011 after Mubarak stood down from his position following 18 days of civilian protests and months of wider unrest in Egypt.
The Federal Prosecutor has been investigating Mubarak and those close to him on suspicion of supporting or being part of a criminal organisation and on the grounds of possible money laundering.
It’s estimated that approximately CHF620 million ($673 million) of the group’s money was blocked in Switzerland.
André Marty, spokesperson for the Federal Prosecutor’s Office confirmed on Monday that they had issued a partial dismissal of the criminal proceedings, but only the aspect concerning criminal organisations.
”We will be stopping proceedings on this point for all 13 accused,” said Marty. Proceedings into possible cases of money laundering will continue.
The reason behind dropping this side to the investigation, is that the Federal Prosecutor was unable to substantiate the initial suspicion of Mubarak’s involvement with criminal organisations. The funds have not yet been released.
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