Deposed Egyptian President Hosni Mubarak 311 AP.
(photo credit: AP)
A senior Western
intelligence official alleged that deposed Egyptian president Hosni
Mubarak began moving his family's assets from European banks to Persian
Gulf countries several weeks ago, The Telegraph reported Sunday.
"We're aware of some urgent conversations within the Mubarak family about how to save these assets," the official told The Telegraph.
"We think their financial advisers have moved some of the money
around," he added, "If he had real money in Zurich, it may be gone by
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Suggesting that Mubarak's suspected bank transfers were inspired by
deposed Tunisian president Zine El Abidine Ben Ali, who had his assets
frozen by European banks after fleeing to Saudi Arabia, the US
intelligence source said: "There's no doubt that there will have been
some frantic financial activity behind the scenes," according to the
"They can lose the homes and some of the bank accounts, but they will
have wanted to get the gold bars and other investments to safe
quarters," he told the London-based paper.
Middle East specialist for the anti-corruption group Transparency International Arwa Hassan speculated to The Telegraph
that the Mubarak family's financial wealth is centered around the
deposed president's son and one-time expected successor, Gamal Mubarak.
"It was really common for Gamal Mubarak to approach a successful
business and say, make me a partner in your business," she said.