Egypt to transfer seized Muslim Brotherhood funds to state treasury

El-Sayed Gamal El-Din , Tuesday 11 Sep 2018

The Egyptian state committee tasked with confiscating and managing the funds and assets of members of the Muslim Brotherhood group will transfer them to the state treasury in accordance with a new law, it said on Tuesday.

According to Article 11 of law no. 22 of this year, whenever a court verdict is final and rules on the management of assets, the committee has the right to transfer the ownership of the seized funds to the state treasury, if the committee requests permission from the relevant court.

The committee's Tuesday resolution to transfer funds applies to 1,589 individual Brotherhood members and supporters, 118 companies, 1,133 NGOs, 104 schools, 69 hospitals and 33 websites and satellite channels that are under the control of the committee, a statement read.

The Muslim Brotherhood was designated a terrorist group in December 2013.

The committee was formed in 2013 and it comprise representatives from the ministries of justice, interior, finance, social solidarity and local development, and of the Central Bank of Egypt and the National Security Apparatus.


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