$2.5M funds seized over Brotherhood affiliation
Muslim Brotherhood headquarter - YOUM7 (Archive)
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CAIRO: The government committee tasked with managing funds of the Muslim Brotherhood group announced Wednesday it has seized 14 foreign exchange companies over affiliation with the banned group, Youm7 reported.

A total of 20 million EGP ($2.5 million) funds were seized in the foreign exchange companies and its branches nationwide, head of the committee Ezzat Khamis was quoted by Youm7.

The committee also seized a software development company along with a school both affiliated to the group, said Khamis.

According to the NGO Law of 2002, each organization shall maintain a headquarters and board of directors, register with the ministry of solidarity and submit financial disclosure documents.

The committee was formed following a decision by an urgent matters court in November 2013, which banned the Brotherhood.

So far, the committee has seized the funds of more than 100 schools, dissolved and confiscated the funds of over 1,117 NGOs and 50 hospitals all affiliated to the outlawed group, Khamis said in a statement in August.

In September 2013, the North Cairo Criminal Court upheld a decision by former Attorney General Hisham Barakat to freeze the assets of prominent MB leaders, including Supreme Guide Mohamed Badie and his deputy Khairat El-Shater.

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