CAIRO: Egypt's state-owned MENA news agency reported on Saturday that a court ruling in Switzerland has been issued in favor of Egypt, which would allow Egypt to recover funds embezzled by former President Hosni Mubarak and his cronies. The ruling was in response to Egypt's efforts to recover the money since the January uprising ousted the former president, who smuggled money illegally into Switzerland, and had been frozen since February 2011. The move came as a result of the tireless efforts made by the Egyptian authorities with the investigation Authorities in Switzerland, MENA said. The Court rejected any opposition to the ruling, noting that the “frozen Egyptian funds in Switzerland, belonging to the family and comrades of the ousted President Hosni Mubarak, amounted to 410 million Swiss francs, in principle, and have been frozen in Swiss banks by the federal government immediately after Mubarak's announcement of his stepping down in February 2011, “since then the Egyptian government seeks to recover the looted money.”
