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Giza court supports decision to freeze Mubarak assets Illicit Profiteering Authority gets new legal backing for its mid-October decision which followed reports that Swiss authorities were investigating Mubarak's family wealth
An Egyptian criminal court on Thursday supported the Illicit Profiteering Authority's (IPA) decision to freeze assets linked to the family of ousted president Hosni Mubarak. The Giza court also supported the decision to freeze assets belonging to the family of Gamal Abdel Aziz, Mubrak's secretary, as well as those of the sons and grandsons of business tycoon Hussein Salem. On 16 October, the IPA decided to freeze assets of the former despot, and those of his two sons Gamal and Alaa and his wife Suzan Thabet, after revealing they had stashed a whopping US$340 million in Swiss banks. The majority of the amount - some $300 million - was reportedly held in the name of Alaa, Mubarak's elder son. "The committee cannot issue a decision to freeze the assets of any accused person unless it has strong suspicions he is involved in a crime for illicit gains," read a statement issued by the Authority. An IPA statement last week said Swiss authorities were undertaking judicial investigations against members of Mubarak's family following allegations of money laundering and forming a "criminal gang organisation". Egypt's former tourism minister Zoheir Garana, and business magnate Yassin Mansour are also accused of similar crimes.
