CAIRO: Swiss Attorney General Michael Lauber said that the recent verdict against former President Hosni Mubarak “must be carefully studied” before his country is able to return funds of the president and his family that are frozen in Swiss banks.
“The Swiss law stipulates identifying whether or not such frozen funds resulted from an illegal transactions,” Lauber said in a press conference held in Cairo Saturday.
Lauber’s visit to Cairo came days after Egypt’s Court of Cassation upheld a three-year prison sentence against Mubarak and his two sons in a case publicly known as “presidential palaces.”
The court also upheld an earlier ruling to fine the trio a total of 125 million EGP ($15.6m) and required to repay an additional 21 million EGP in compensation to the state.
“If we do not find a direct link between the verdict of Mubarak and his two sons and the frozen funds in Swiss banks, then we cannot return the money,” Lauber, said adding that the legal procedures might take “long time.”
The total amount of frozen assets in Swiss banks is CHF 650 million, ($698 million), according to Lauber.
Another round of talks regarding the issue will be held in Switzerland soon, according to a statement by the Egyptian Attorney General office Saturday.