Switzerland to return frozen assets of former Egyptian President Mubarak

Switzerland to return frozen assets of former Egyptian President Mubarak

2011-05-13 21:31:10 GMT+7 (ICT)

CAIRO, EGYPT (BNO NEWS) -- The Swiss government on Friday announced that it will return all the frozen assets of former Egyptian President Mubarak and other officials if they are proven illegal, the Daily News Egypt reported.

A Swiss delegation working with Egyptian authorities added that 410 million Swiss Francs ($462 million) have been frozen so far from a total 15 high officials of the former regime.

"These aren’t all Mubarak assets. These are assets linked to Mubarak and other officials from the former regime," said Ambassador of Switzerland, Dominik Furgler. "The investigation is still going on."

Egypt is seeking the return of the 100 percent of the frozen assets as it claimed that came from misuse of public funds and related corruption schemes. The Swiss delegation added retrieving the assets had to be done according to the law.

The delegation, led by Ambassador Furgler, reported that the assets were frozen in order to preserve them and prevent them from being transferred elsewhere due to the civil unrest that rocked the North African country.

If no proof is shown the assets will be frozen for three years, according to Swiss law. The period could also be extended due to the special circumstances that have taken place in Egypt in recent times.

Meanwhile, Egyptian authorities continue the crackdown on the former regime of ousted President Mubarak. On Tuesday, former Tourism Minister Zohair Garana was sentenced to five years in prison over corruption charges.

Garana was arrested along former Interior Minister Habib El-Adly and steel tycoon Ahmed Ezz, a senior member of Mubarak's National Democratic Party (NDP). El-Adly was recently sentenced to 12 years in prison for corruption, profiteering and other charges.

The Supreme Council of the Armed Forces took control of Egypt after Mubarak, who led Egypt as president for three decades, stepped down after weeks of anti-government protests by crowds calling for greater democracy and respect of human rights.

-- © BNO News All rights reserved 2011-05-13