Exclusive: UK freezes more assets of Mubarak regime figures

Latest crackdown brings the total of frozen Egyptian assets in the UK to LE850 million, but dispute still rages over how and when they can repatriated

The UK has frozen more assets connected to figures from ex-president Hosni Mubarak's regime, Ahram Online can reveal.
Assets worth some £45 million have been frozen over the last few months, according to informed UK and Egyptian sources, bringing the total of such frozen Egyptian-owned assets to around £85 million (approx. LE850 million) since late March 2011.
The Asset Freezing Unit (AFU) of the UK Treasury previously froze some £43 million worth of Egyptian-owned assets, properties and bank accounts following a European Union order targeting the belongings of 19 Egyptian figures, including the ex-president, his family members, former ministers and some others closely connected to his toppled regime.
"AFU is still working with other UK organisations and financial bodies to trace any assets, accounts or properties belonging to any of the 19 persons listed," a UK source close to the matter told Ahram Online.
The recent freeze on assets proves that UK authorities are co-operating with their Egyptian counterparts in tracing and expatriating any ill-gotten monies, he added.
The UK earlier blamed Egyptian authorities for their slowness in repatriating assets the London-based treasury had frozen. The Foreign and Commonwealth Office (FCO) said Egypt did not respond to a UK proposal to help when it offered around three months ago.
"We had organised for an Egyptian delegation to visit the UK towards the end of December to meet UK experts and discuss issues relating to asset freezing. Unfortunately the Egyptian team had to cancel their visit at the last moment," an FCO spokesman said.
The Egyptians gave no reason for the cancellation, he added.
UK authorities say they cannot publicly announce the names of Egyptians who own frozen assets.
The UK's delay in returning what are considered stolen assets to Egypt has led to heavy criticism in the Egyptian media. UK officials, however, say there is a legal process that has to be followed.
"Repatriation of assets located in the UK would first require criminal convictions to be secured in Egypt. An Egyptian court would need to order the recovery of property," the FCO spokesman explained.
London says it is unaware of such an order.
"The Egyptian authorities would then need to make a request for enforcement of that order to the relevant UK authorities," the spokesman said, adding that local authorities have not received any such request.
But the UK says it remains committed to working with Egyptian authorities and hopes to host officials in London soon.
"We are working with them to find another mutually convenient date," the FCO spokesman said.
The Egyptian Ministry of Justice committee, set up after January revolution to repatriate former regime monies, has not commented on the matter.
Ahram Online understands that the Egyptian Ministry of Justice and the Prosecutor General's office have taken on the services of a London-based law company to work on their behalf.