Richard Spencer, and Nick Meo
Feb 12, 2011
Switzerland has announced it was freezing assets in the country owned by newly resigned President Hosni Mubarak of Egypt.
The announcement, which gave no details as to what assets Mr Mubarak or his family might have in the country, will send shock waves through the presidential palaces of other Middle Eastern countries.
“The government wants to avoid any risk of misappropriation of state-owned Egyptian assets,” a statement by the foreign ministry said.
Stories of Mr Mubarak’s personal wealth, ranging up to wild estimates of $70 billion (£44 billion), long suppressed by state media, began to circulate among the crowds from the beginning of protests.
His family is said to own property around the world, including London, Paris, Dubai, and the United States. He is understood to have money in bank accounts in Britain, the US, and France as well as other western countries.
This article was posted: Saturday, February 12, 2011 at 3:01 am