Swiss freeze $300 million of Mubarak assets, according to reports

Swiss freeze $300 million of Mubarak assets, according to reports
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Published December 31st, 2012 - 11:35 GMT via SyndiGate.info

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Media reports suggest that a further $300 million in Mubarak's assets have been frozen in Switzerland
Media reports suggest that a further $300 million in Mubarak's assets have been frozen in Switzerland
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The Swiss authorities have frozen $300 million in Credit Suisse accounts in Geneva held by the sons of the former Egyptian President Hosni Mubarak, Swiss media reported on Sunday.

The funds are in accounts that belong to Alaa and Gamal Mubarak. Both sons of the deposed president are currently in an Egytian jail awaiting trial of charges of massive corruption.

Swiss media reports said the funds were transferred to Credit Suisse in 2005.

A Credit Suisse spokesman declined to comment.

Reports also said funds believed to also have come from corrupt officials in Egypt had likewise been frozen at the Swiss office of French banking giant BNP Paribas.

Switzerland is currently investigating 14 people close to Mubarak – who was toppled by a popular uprising in 2011 - suspected of massive embezzlement of public funds.

Mubarak is serving life imprisonment for ordering the killing of protesters during the revolt.

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