Mubarak’s regime smuggled $11/2 b abroad: Illicit gain
Former president Hosni Mubarak - YOUM7 (Archive)
By THE CAIRO POST

CAIRO: Assistant Minister of Justice for illicit gain affairs Judge Yousef Osman announced Wednesday that the amount of funds smuggled during the era of former president Hosni Mubarak is estimated at $1.5 billion in personal accounts in Britain, Switzerland and Spain.

Osman told Youm7 Tuesday that European Union countries had agreed to continue freezing smuggled funds belonging to Mubarak regime symbols until it obtains a final ruling by the illicit gain authorites against the defendants.

Egypt has failed to retrieve any funds smuggled abroad since the January 25 Revolution broke out in 2011.

Switzerland’s government ordered to freeze any assets in the country’s banks belonging to Mubarak or his family, after Mubarak stepped down in February 2011.

On June 27, Cairo Criminal Court ruled to acquit both sons of former President Hosni Mubarak, Gamal and Alaa, of charges in the case of illicit gains, Youm7 reported.

Gamal and Alaa were accused of exploiting the presidential influence of their father to reap fortunes inconsistent with sources of their legitimate income.

They were previously acquitted by the Court of Misdemeanor from the same case on June 24, 2013 and the verdict was upheld in June 27, 2013 by the criminal court.

However, the investigation judge decided to imprison them on June 16, where an appeal to the verdict was considered on June 26. He then ordered to cancel the decision of their imprisonment and release them.

Additional reporting by Ibrahim Qassem, Nourhan Hassan

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