Switzerland’s government has decided to lift its asset freeze on the property of former Egyptian president Hosni Mubarak and other officials connected to his administration. In a statement, the Federal Council said that in view of “the recent closing of the mutual legal assistance procedures between Switzerland and Egypt, the Federal Council decided to lift with immediate effect the freeze on assets in the context of this country”.
Switzerland’s decision follows Egypt dropping its investigations into several listed people, including the family of former president Mubarak. Originally, the asset freeze covered around $700m, however over time that has been reduced to $435m. In order for the remaining assets to be unfrozen, the Federal Council’s decision must be approved by Switzerland’s federal prosecutor.