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Egypt’s military calls on US and EU to freeze assets of ousted Mubarak’s aides

Following the historical toppling of Egypt’s ruling regime, the Egyptian military led government has called upon the US and EU to freeze the assets of top former leaders under the ousted Hosni Mubarak. It has remained silent however on the billions reaped by the deposed president.

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 Following the historical toppling of Egypt’s ruling regime, the Egyptian military led government has called upon the US and EU to freeze the assets of top former leaders under the ousted Hosni Mubarak. It has remained silent however on the billions reaped by the deposed president.

Under Obama the US administration has asserted it is examining the request while the EU ministers are still to take a decision on the issue.

According to US State Department officials the administration had received request to freeze assets stolen by numerous senior officials in Mubarak's regime, however no requests to freeze assets reported to be between 40 and 70 billion USD of the ousted president have been made.

Names of the individuals whose assets were being asked to be frozen have not as yet been disclosed and it remains to be seen whether the sons of the ousted Mubarak are among them.

 A similar request to freeze the assets of Mubarak's top aides has also been submitted to France, UK and Germany.

Britain's Finance Minister George Osborne has forwarded a proposal to the EU calling on all 27-member states to strip the assets of Mubarak’s closest associates, and Britain’s Foreign Secretary William Hague has proposed a similar action against Mubarak.

The new Egyptian authorities have imposed a travel ban as a preliminary step on all former top officials of the ousted Mubarak’s regime and travel abroad is only permitted after clearance by military or public prosecutor.

The Swiss have in fact announced the ban within hours of the downfall of Mubarak.

The move to freeze accounts of Mubarak's aides follows reports that Mubarak had moved his family assets from European banks to institutions in the Gulf region.

Rumours have it that Mubarak currently in Egypt’s Red Sea Resort Sharm al Sheikh may seek asylum in the Emirates.