Swiss Banks to Disclose Ousted Mubarak’s Assets
The Swiss Foreign Ministry has reported that banks in Switzerland are intending to disclose the assets of the ousted Egyptian president Hosni Mubarak and his aides.Earlier the government had maintained that it had frozen what it described as potential assets belonging to Mubarak, and 10 of his family members.
According to a spokesman for the Swiss foreign ministry, Swiss banks were beginning to reveal the extent of the former president’s holdings and his entourage for the first time. No numbers have been revealed so far however it is believed billions of dollars have been amassed by the Mubarak family and businessmen connected to them during the 30 years that Mubarak dictatorially ruled Egypt
EFG-Hermes, Egypt’s largest investment bank, stated that Mubarak’s son, Gamal, has owned 18 per cent of EFG-Hermes Private Equity since 1997 and it is believed that in the last 4 years alone the tyrant’s son has stashed away a staggering $50 million from the bank. The fund has $919 million under management. Few other assets have so far been publicly identified.
The aggressive measures from the Swiss government are part of a broader attempt to improve the image of the country’s famously secretive banking system.
Swiss president, Micheline Calmy-Rey asserted the aggressive measures from the Swiss government are part of a broader attempt to improve the image of the country’s famously secretive banking system, stressing it was imperative Switzerland ensure it was not a haven for dirty money.
She added, "It cannot be that right at our door some people embezzle state funds and put them into their own pocket," she said.
Other European powers are also considering freezing the assets of Mubarak and his family.
Egypt has also requested the US, France, Germany and the UK to freeze the assets of several former Egyptian politicians.British PM has stated that there has to be some international effort if the freezing operation is to be effective.