BREAKING NEWS

Report: Mubarak sons own $340 mln in assets in Switzerland

By REUTERS

OCTOBER 17, 2011 20:08

CAIRO - The sons of Egypt's ousted President Hosni Mubarak own assets worth $340 million in Switzerland and might have been involved in money laundering, a justice official tasked with recouping ill-gotten gains from abroad said on Monday.

Mubarak, toppled in a popular uprising in February, and his sons Gamal and Alaa are on trial for corruption and abuse of power. European governments agreed after Mubarak was ousted to freeze his assets and those of 18 associates. Egyptians who took part in the uprising in which at least 850 people were killed are anxious to see Mubarak and his allies punished for abuses during his three-decade rule.

"The committee has obtained information that confirms that Mubarak's sons have deposits in Swiss banks worth $340 million, of which Alaa owns $300 million," Assem el-Gohari, head of the Illicit Gains Authority, said in a statement.

He said Switzerland had frozen Mubarak family assets worth $450 million and that Swiss authorities were investigating accusations of money laundering by Alaa Mubarak and two other former regime figures.

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