December 20, 2017 / 2:39 PM / 5 months ago

Swiss governments ends freeze on Egyptian assets

ZURICH, Dec 20 (Reuters) - The Swiss government said on Wednesday it is lifting a freeze on around 430 million Swiss francs ($436 million) in remaining Egyptian assets frozen in the wake of Arab Spring uprisings, but extended the freeze on Tunisian and Ukrainian assets.

“Taking note 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,” the government said.

But the funds are not being released. They remain sequestered while Swiss federal prosecutors determine whether their origin is licit, the government added.

It said it decided to maintain for another year the freeze on 56 million francs linked to ousted Tunisian President Ben Ali and 70 million francs tied to former Ukrainian President Yanukovych and their entourages.

$1 = 0.9872 Swiss francs Reporting by Silke Koltrowitz; Editing by Michael Shields

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