- Other Issues
- April 30, 2010
- 1 minute read
US lifts frozen assets from Swiss-based MB businessman
The Egyptian-born, Nada headed the listed Taqwa Islamic investment group with branches in Switzerland , Liechtenstein and the Bahamas which were put under surveillance on suspicion of supporting terrorist activities.
The Switzerland and Bahamas-based Al-Taqwa financial network were among the earliest post 9/11 targets of U.S. Treasury Department who ordered the freezing of assets and bank accounts because of possible connections to terrorism.
The former US president’s administration officials had alleged in congressional testimony that Al-Taqwa provided financial services to Al Qaeda both before and after the 9/11 attacks, in addition to allegedly handling millions of dollars in funding for the militant Palestinian group Hamas, itself is a direct outgrowth of the Palestinian branch of the Muslim Brotherhood movement. However, lack of evidence prompted the US treasury to lift the freeze which had been implemented since 2001 in an attempt to choke the MB leader and his assets.