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Mubarak regime figures created shell firms to hide stolen funds: UK Britain rules out tracing more stolen Egyptian assets, UK Foreign Office spokesperson tells Ahram Online
The UK government has ruled out tracing more assets stolen by members of the Mubarak regime, a British Foreign Office spokesperson has told Ahram Online “Stolen assets are often hidden with shell companies and trusts used to obscure the true owner. Therefore investigations can be a complex and lengthy process,” the spokesperson said. The British government is determined to help return any stolen Egyptian assets found in the UK, he added. The UK Treasury's Asset Freezing Unit has frozen about £85m worth of Egyptian assets since March 2011. The spokesperson said the UK Treasury continues to cooperate with UK law enforcement investigations into whether any assets owned or controlled by individuals subject to sanctions are held in the UK. The EU asks member states to freeze assets owned by 19 former Mubarak regime figures suspected of misappropriating state funds. “Investigators at the (UK) Asset Recovery Taskforce have been working closely with the Egyptian authorities over recent months,” the spokesperson said. “Increased coordination” between the UK taskforce and the Egyptian authorities was “essential and invaluable,” he added. The taskforce has asked Egyptian authorities, organisations, banks and individuals to provide information on the location of stolen assets in the UK. Any information received will be thoroughly and promptly investigated, the taskforce pledged. Senior UK official have told Ahram Online that when sufficient evidence emerges, immediate action is taken.
