UPDATE 1-Swiss freeze possible Mubarak assets

Related Topics

Fri Feb 11, 2011 1:04pm EST

* Any assets of Mubarak, associates frozen immediately

* Freeze applies for three years - foreign ministry

(Adds details, background)

By Catherine Bosley and Oliver Hirt

ZURICH, Feb 11 (Reuters) - Switzerland has frozen assets that may belong to Hosni Mubarak, who stepped down as president of Egypt on Friday after 30 years of rule, the foreign ministry said.

"I can confirm that Switzerland has frozen possible assets of the former Egyptian president with immediate effect," spokesman Lars Knuchel said soon after Mubarak bowed to 18 days of mass protests. "As a result of this measure any assets are frozen for three years."

He did not say how much money was involved or where it was.

Assets belonging to Mubarak's associates would also be targeted so as to limit the chance of state funds being plundered, the ministry said. Mubarak and his associates would be prevented from selling or otherwise disposing of property, notably real estate.

In recent years, Switzerland has worked hard to improve its image as a haven for ill-gotten assets.

It has also frozen assets belonging to Tunisia's former president Zine al-Abidine Ben Ali, ousted by popular protests last month, and Ivory Coast's Laurent Gbagbo, who has refused to step down after an election which the outside world says he lost. [ID:nLDE70I1FE]

(Editing by Mark Trevelyan)

Markets
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (2)
peterb37 wrote:
It’s about time that the Sleazebags Dictators got a little Justice. The Swiss need to make sure that some of the other sleazebags that get filthy rich plundering the treasures of their own countries. Especially the sleazebags in the United States. I’d like to know where all those billions in cash that went to Iraq went. I’d like to know where the 2.3 trillion in missing defense departments fund announced by Donald Rumsfeld on September 10th , 2001 the day before 9/11 , disappeared to. I’d like to know how many present or past American Government officials have Swiss Bank Accounts. If the Swiss want to improve their image I suggest they may be elevated to near sainthood and trustworthiness then go through your books and do the proper thing. Don’t wait for them to get caught before you try to improve your image. You don’t want your country to be a haven for traitors criminals and thieves. I don’t trust anyone who harbors traitors and thieves. With all of the really wonderful images that we all have of Switzerland, this one sticks out like a cherry on a whipped cream pie.
Your Neutral status is in question. Some of the Account holders are the enemies of every man on earth. That should include you. There is no middle ground. You are on one side of this issue or the other. There should be no legitimate reason for any head of state to be depositing money in a secret bank account while he holds office, no matter what Country we are talking about. You cannot co mingle a Countries funds and personal funds unless you are a thief. All funds with any commingled funds should be treated by Switzerland as funds of the Country. Every last dollar. That is a reasonable and equitable approach, and it saves a whole lot of investigation time which is ridiculous on the face of it. You don’t have to be the policeman of the world, just a place where you can be trusted to not be complicit in high crimes by heads of State and people who have the purse strings of the treasury. I’m sure you would not tolerate people who might pilfer the treasury of Switzerland while some other country let them hide the money. The Swiss are known as a practical society. In the most practical sense, the best way to discourage bad behavior is to take the profit out of it. You turn a few of the top dogs on the list of possibles the rest will run like scared jackrabbits. You can catch them going out the door. Neutrality is one thing, and safe haven is another.

Feb 11, 2011 3:29pm EST  --  Report as abuse
peterb37 wrote:
I have another comment concerning Mr. Mubaraks accounts. It might be of some interest to know if any of his funds come from Israel or affiliates. There is always more than one way to skin a cat. Any such funds should be turned over immediately to the Egyptian government. They could use it right about now.

Feb 11, 2011 3:49pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.
See All Comments »