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EU to keep former regime's funds frozen for another year

European Union renews freeze on funds belonging to Mubarak regime officials at request of Egypt's Judicial Committee for Retrieval of Fugitive Money

Ahram Online, Wednesday 21 Mar 2012
Gamal and Alaa Mubarak behind bars, during their trial of killing protestprs in Januray 25 revolution, at the police academy in Cairo. (Photo: Reuters)

Egypt's Judicial Committee for the Retrieval of Fugitive Money Abroad received an official statement from the European Union on Wednesday indicating that funds associated with the former regime deposited in European banks would be frozen for another year, beginning on 19 March.

Last year, Switzerland froze almost 400 million Swiss francs belonging to 19 key members of the Mubarak regime, including the ousted president himself.

Committee head Assem El-Gohary said the EU decision to renew the asset freeze had come at the committee's request.  

Committee members also met the Swiss ambassador to Egypt on Wednesday at the headquarters of Egypt's Illicit Gains Authority. Committee members sought the ambassador's advice on various difficulties associated with Egyptian efforts to retrieve fugitive funds abroad.

Fugitive funds have been a major issue in Egypt since last year's popular uprising. Egyptian authorities have been trying to track overseas assets belonging to the ousted president and his family and other Mubarak-era officials.


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