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Sunday, 17 November 2019

Mubarak lawyer says millions frozen by Swiss 'legal'

Farid El-Dib tells US magazine that Mubarak brothers' funds were earned by doing stock market consultations for clients outside Egypt

AFP, Friday 4 Nov 2011
Mubarak brothers
The Mubarak Brothers, Alaa and Gamal, at October War celebrations in 2010 (Photo: Reuters)
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The lawyer for the family of Hosni Mubarak has said US$340 million held in Swiss banks by the two sons of the ousted Egyptian president, and frozen there, are "legal profits" from consulting abroad.

Farid El-Dib, in an interview published in US magazine "Foreign Affairs," said he had "submitted the sources of the funds obtained from the sons' work in global stock-market consultation with clients outside of Egypt who have nothing to do with Egypt's market".
"The revenues entered a joint account owned by the two brothers, which was then separated on 1 March, 2008. The funds in the accounts, after years of (accumulating) interest, reached over $300 million.
"Is it wrong for a man to make legal profits?"
Last month, Egyptian Deputy Justice Minister Assem El-Gohari said the lion's share -- $300 million -- was held by Mubarak's elder son Alaa, a businessman who kept out of politics.
Gohari, who heads the Illicit Gains Authority, said the balance was held by his younger son Gamal, a leading former ruling party politician who had widely been seen as his father's heir apparent.
Both sons are in custody in a Cairo prison as they stand trial on an array of charges, including corruption. The next hearing is set for  28 December.
The assets of Mubarak's two sons make up the great majority of the $460 million in Egyptian funds frozen by the Swiss government since the veteran strongman's overthrow in February, Gohari said.
Dib also spoke of the financial situation of the ailing former president and his wife, Suzanne.
Mubarak's "health bill is paid by the government, as the law permits with any president or former president. His wife lives off his monthly pension, which reaches up to LE93,000 (about $15,500).
"Mubarak and his wife do not own a single dollar inside or outside of Egypt."
Mubarak, who was forced to quit in February following massive street protests, has been on trial since 3 August on charges of involvement in the killings of protesters and corruption.
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