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Egypt to join Swiss investigations into Mubarak money: Court Cairo will become a partner in the ongoing case involving allegedly misbegotten funds banked in Switzerland by the ousted president and his cohorts, following a binding legal ruling
Egypt will join Switzerland as co-plaintiff in a legal case aimed at repatriating Egyptian money transferred to the Alpine country by ex-president Hosni Mubarak and his associates, a Swiss court ruled on Saturday. According to a report from the state-run MENA news agency, the binding legal decision -- which cannot be appealed -- makes Egypt a partner in the ongoing case involving the allegedly misbegotten funds banked in Switzerland by the ousted president, his family and top officials. Following Mubarak's resignation in February 2011, Switzerland was one of the first countries to freeze the assets of figures related to his regime. Egypt's Illicit Gains Authority (IGA) 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. 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 Assem El-Gohary, head of the IGA.
