World Economy

Swiss Unblock Some Egypt’s Frozen Assets

Swiss Unblock Some Egypt’s Frozen AssetsSwiss Unblock Some Egypt’s Frozen Assets

Blocked assets worth 180 million Swiss francs ($175.45 million) have been unfrozen by the Swiss Office of the Attorney General, the OAG said, after it dropped part of a criminal inquiry related to the Arab Spring in Egypt, Reuters reported. The OAG had been investigating “several” unnamed persons in Switzerland on suspicion of money laundering and supporting or participating in a criminal organization. The Swiss inquiry was launched in 2011 following events related to the Arab Spring protests which led to the downfall of long-time Egyptian leader Hosni Mubarak. The OAG announced the decision to unfreeze the assets following a meeting between Switzerland’s Attorney General Michael Lauber and his counterpart in Egypt over the weekend. Criminal investigations against six unnamed persons are now underway, the OAG said in a statement, while 430 million francs remain frozen. The Swiss prosecutor said that the frozen assets of Mubarak and figures associated with him will be returned to their legal owners when the probe is finished.


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