Swiss attorney-general to attend talks in Egypt on returning Mubarak funds

Ahram Online , Wednesday 13 Jan 2016

The visit comes after the final court ruling in Cairo officially convicting Mubarak and his sons of corruption

Lauber "Reuters"
Swiss attorney General Michael Lauber (Photo: Reuters)

The Swiss attorney-general will visit Egypt next Saturday to hold a series of meetings with Egyptian officials regarding the retrieval of the Mubarak's regime frozen assets in Switzerland, said the Swiss embassy in Cairo.

Based on initial estimates by the Swiss government, the total amount of assets in Swiss banks is equal to CHF 650 million, or nearly $698 million (LE5 billion).

In June 2015, Valentin Zellweger, the director of the taskforce on asset recovery at the Swiss Federal Department of Foreign Affairs (FDFA), stated that the Swiss government required evidence from an Egyptian court proving that the funds deposited in Swiss banks were obtained through illicit means, whether by corruption, embezzlement or money laundering.

Former president Hosni Mubarak and his sons lost an appeal on a conviction for embezzling public funds on Saturday.

In an initial verdict in May 2014, the trio were fined a total of LE125 million and required to pay an additional LE21 million to the state.

At the time, Mubarak received a three-year prison sentence in the case, while his sons both received four years, reduced to three years on appeal.

Mubarak is the first Egyptian president to stand a trial and be convicted of corruption, with the ruling now being final and cannot be further challenged.  

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