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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s