Mubarak’s funds abroad may be unfrozen soon, source
Hosni Mubarak during his trial - YOUM7 (Archive)

CAIRO: The funds of the former president Hosni Mubarak, and other figures of his regime, in the European Union will be unfrozen, a judicial source revealed.

The source, who spoke on condition of anonymity, said to Youm7 on Friday that the freezing of Mubarak and 19 of his former regime officials’ funds will be lifted on March 22. He explained that these funds have amounted to 450 million USD in England, France and Cyprus.

The source stated that three people affiliated to the Mubarak regime filed a complaint to the European Union’s Court of Justice demanding the lifting of the freezing of the funds. The source stated that a specialized committee from the court is examining their requirements.

“If it is proven that their funds abroad have no relation to the corruption charges of which they are accused in Egypt, the funds will be unfrozen,” the source stated.

The source stated however that that the committee in charge of retrieving smuggled funds in the Egyptian Ministry of Justice asked the Ministry of Foreign Affairs to send a formal letter to the European Union to refreeze the Mubarak regime leaders’ funds.

Mubarak and his family’s funds remain abroad, despite the formation of committees whose job it is to seek their return, when it was reported in 2011, in the days following his ouster, that Mubarak’s funds could amount to up to U.S. $70 billion.

By Jan. 25, 2013, Egypt Independent reported that not a single cent has returned to Egypt at that point. Further, in the midst of ongoing political turmoil and a shift of the public’s attention away from Mubarak’s trials and towards the Muslim Brotherhood instead, hope of regaining these funds only continues to dwindle.

Moreover, the acquittal of Gamal and Alaa Mubarak in the case of illegally obtaining lands to build residence for pilots with Ahmed Shafiq last December, along with Hosni Mubarak’s acquittal in various anti-corruption cases further impedes the process.

Reporting by Nourhan Hassan.

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