Today, Wednesday, Swiss prosecutors announced the release of the rest of the funds of former Egyptian President Hosni Mubarak and a number of those around him, which were frozen in Swiss banks as part of an investigation that lasted about 11 years and related to money laundering and organized crime linked to Mubarak’s circles.
Swiss prosecutors said they would release 400 million francs ($429 million) frozen in the country’s banks, after prosecutors failed to bring charges to anyone, citing insufficient information, the Associated Press reported.
In a statement, the Swiss Public Prosecutor’s Office clarified that the information provided within the framework of cooperation with the Egyptian authorities in this case was not sufficient to support the allegations that emerged in the wake of the Arab Spring uprisings in 2011 (the revolution of January 25, 2011 in Egypt) that overthrew Mubarak’s rule, which It lasted 3 decades.
He added that in the absence of evidence regarding possible crimes committed in particular in Egypt, it cannot be proven that the money in Switzerland could be from an illegal source, and therefore suspicion of money laundering cannot be established based on the available information.
Initially, the criminal case involved 14 suspects, including Mubarak’s two sons, Alaa and Gamal, in addition to 28 individuals and 45 legal entities whose assets were confiscated.
However, the Public Prosecutor’s Office indicated that the last part of the Swiss investigation focused on only 5 people, without specifying their identities.
The original suspects, most of whom held important official or economic positions in Egypt, are believed to have used Switzerland to launder the proceeds of a corruption-tainted business.
It is noteworthy that more than 210 million Swiss francs ($224 million) have already been released at an early stage in the case.
The decision comes after the ruling of the General Court of the European Union on the sixth of April this year to cancel the sanctions imposed by the European Union on Mubarak and his family and to unfreeze their assets. It also ordered the European Council to pay the litigation costs incurred by the Mubarak family.
Mubarak’s family praised the Swiss decision, and Gamal Mubarak said in a statement, “The decision of the Swiss Federal Prosecution Office today confirms the correctness of our position after more than a decade of disturbing investigations, sanctions and mutual legal assistance.”
