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Egypt's authorities unveil assets linked to former regime in Swiss banks

Judicial authorities in Egypt find new accounts relating to Mubarak’s associates estimated at roughly $300 million

Ahram Online and MENA, Tuesday 24 Jul 2012
Egypt's Former President Hosni Mubarak (Photo: Reuters)
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Egypt's frozen monies in Switzerland linked to senior officials of the former regime are now estimated to be $706 million, state-run news agency MENA reported on Tuesday citing head of Egypt's Illicit Gains Authority (IGA) Assem El-Gohary.

El-Gohary stated that Swiss authorities had previously estimated the accounts to be worth $ 413 million. Egyptian judicial authorities then intervened he said, managing to unveil several accounts linked to officials of the Mubarak regime.

In May, Egypt announced joining Switzerland as co-plaintiff in a legal case involving Egyptian money transferred to the Alpine country by associates of the former president.

Last year, the Illicit Gains Authority last year estimated the value of such Swiss-based assets at $450 million. Most of the funds – some $340 million – are believed to be under the names of Mubarak's two sons, Alaa and Gamal.

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