UPDATED: Egypt to join Swiss investigations into Mubarak money: Court

Ahram Online and MENA, Saturday 12 May 2012

Cairo will become a partner in the ongoing case involving alleged laundering of Egyptian funds in Switzerland, following a binding legal ruling

Egypt's ousted president, Hosni Mubarak (Photo: Al-Ahram file)

Egypt will join Switzerland as co-plaintiff in a legal case involving Egyptian money transferred to the Alpine country by associates of ex-president Hosni Mubarak, a Swiss court ruled on Saturday.

Assem El-Gohary, head of Egypt's Illicit Gains Authority (IGA), said this ruling referred to a money laundering case involving Alaa and Gamal Mubarak.
Swiss authorities last year undertook judicial investigations against figures including Alaa Mubarak and former tourism minister Zoheir Garana on charges of money laundering and forming a "criminal gang organisation", according to El-Gohary.
Following Mubarak's resignation in February 2011, Switzerland was one of the first countries to freeze the assets of figures related to his regime.
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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