US reaches "massive deal" with Japan    UK pay settlements stagnant amid inflation surge    Egyptian pound opens flat on July 23    Egypt's Sisi sends message to Burkina Faso leader on boosting ties    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    World Bank proposes Egypt join new global health initiative    Egypt, India discuss expanding industrial, investment partnerships    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Swiss court rejects request to repatriate Egyptian funds
Published in Daily News Egypt on 02 - 02 - 2013

Chancellor Kamel Samir Girgis, the head of the Bureau of International Cooperation, said on Saturday that Switzerland has rejected an Egyptian request to repatriate funds from bank accounts linked to members of the former regime accused of money laundering and corruption.
The statement was made during a press conference early on Saturday held in Samir Girgis' office at the Cairo High Court, where he said the head of the Swiss foreign ministry, Didier Burkhalter, had agreed to start work on a legal text which would allow Egypt to reclaim such funds.
Bulkhalter's decision came after the Swiss federal court rejected Egypt's request to retrieve the funds, a verdict he considered shameful. Bulkhalter had said Sweden's domestic laws conflicted with international law, and has in effect delayed the recovery of assets over the past two years.
Conditions for the recovery of the assets were placed on Egypt, namely ending violent demonstrations. Switzerland is estimated to be holding 700m Swiss francs, according to Samir Girgis.
Tioman ranz, a media spokesperson from the Swiss foreign affairs department, confirmed a group of Swiss experts in asset recovery were currently in Egypt for talks and training but said they were not a part of any official delegation to Cairo.
At the end of last month, roughly 80 international legal experts met in the Swiss city of Lausanne to discuss the repatriation of illegal assets connected to several people in the wake of the Arab Spring. The Swiss foreign ministry said the repatriation of such funds remains a high-priority for the nation, and as such had organised a meeting with specialists from across the region, which included Egypt, Tunisia and Libya.
In 2011 Switzerland was the first country to freeze assets belonging to members of former regimes in Libya, Tunisia and Egypt. Switzerland is considered to be a major haven for money laundering, due to the strict privacy laws embedded within the nation's banking system, but according to the government, over 1.8bn Swiss francs have already successfully been repatriated since the government began its offensive on international economic crime in 2001.
On 20 January the Swiss ambassador Dominik Furgler and Egypt's Minister of Planning and International Cooperation Ashraf El-Sayed El-Araby signed a cooperation agreement which would see 30m Swiss francs in aid delivered to Egypt until 2016.


Clic here to read the story from its source.