‘Mubarak`s sons have USD 340 mn in Swiss banks’
Swiss authorities are investigating whether one of Mubarak sons, Alaa, was involved in money laundering.
Cairo: The two sons of deposed Egyptian
President Hosni Mubarak have stashed a whopping USD 340
million in Swiss banks, a senior Justice Ministry official
said on Sunday, as the military government stepped up efforts to
bring back billions siphoned abroad.
Alaa and Gamal Mubarak have illicitly parked USD 340
million in Switzerland, said deputy justice minister Assem El-
Gohary, who also heads the Illicit Gains Authority which is
assigned with retrieving illegally money stashed abroad.
The major share - USD 300 million - was held by 49-year-
old Alaa, Mubarak`s elder son, a businessman who kept out of
politics. The committee also announced that tycoon and
Mubarak`s confidant, Hussein Salem and his family have a
fortune of USD 4 billion stashed outside Egypt, according to
bank transfer records.
Gohary said that icons of the former regime hid their
fortunes abroad by establishing offshore companies that are
not subject to money laundry regulations.
According to Gohary, the committee was able to obtain
information on their practicse through cooperation with
"international financial intelligence" agencies and top law
offices abroad, Egyptian newspaper Al Ahram reported.
He said the committee has other documents detailing the
fortunes of regime members, but is refraining from announcing
them to maintain secrecy, saying those who are trying to hide
their wealth continuously manipulate their accounts.
Swiss authorities are currently undertaking judicial
probe against Alaa, former tourism minister Zoheir Garana, and
business magnate Yassin Mansour on charges of money laundering
and forming a "criminal gang organisation", Gohary said.
The assets of Mubarak`s two sons make up the majority of
the USD 460 million in Egyptian funds frozen by the Swiss
government since the strongman`s overthrow in February.