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Court releases frozen assets of Egypt ex-military minister Shafiq

Egypt's court reverses verdict that froze assets of Mubarak-era prime minister, Ahmed Shafiq

Ahram Online, Saturday 8 Dec 2012
Views: 1828
Views: 1828

The North Cairo court ruled in favour of the appeal filed against the verdict that froze the assets of longtime aviation minister and most recent presidential candidate, Ahmed Shafiq, and three of his daughters.

On 20 November vice president of the Cassation Court and the assistant justice minister for illicit gains approved a petition to freeze said assets. The freeze was appealed and with Saturday's ruling the funds are to be released.

The Mubarak-era prime minister and his daughters, Sherine, May and Amira, were placed on an airport watch list and forbidden from disposing of their stocks, bonds and wealth.

A press release by the exchange market said the decision included all stocks and bonds and that all brokerage firms and investment funds had been informed of the decision.

The decision was based on investigations into complaint 115 of 2012. Shafiq is accused of selling 40,000 square metres of land owned by the Cooperative Housing Association for Military Pilots, which he headed at the time, for a fraction of its market value to Gamal and Alaa Mubarak (the ousted president's sons) in the 1990s.

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