Swiss Attorney General closes investigations into suspected money laundering against Mubarak’s sons

CAIRO – 14 April 2022: The Swiss Attorney General Office’s (AGO) announced on Wednesday that it closed the investigations into suspicions of money laundering and support and/or participation in a criminal organization against Egyptians close to late President Hosni Mubarak who was toppled by Egyptians in the January 2011 Revolution.

The AGO added also it would unfreeze about CHF 400 million (more than $424 million). “In accordance with the decision of 07.04.2022, these assets will be released and returned to their beneficial owners,” the AGO said in the statement.

“The investigation conducted in Switzerland failed to establish even a tenuous link with any offence,” said the AGO, adding “in the absence of evidence relating to potential offences committed in particular in Egypt, it is not possible to show that the funds located in Switzerland could be of illegal origin.”

However, the AGO decision of closing the investigations could be appealed in ten days. “As the appeal deadline has not expired, this order has not come into force and is therefore not currently available for inspection,” the statement said.

Alaa Mubarak said on his Twitter account: “Swiss Federal Prosecutor after 11 years completely exonerates Alaa and Gamal Mubarak and confirms the legality of all their activities and related assets. Investigation reveals all assets owned by them were fully declared to relevant Egyptian authorities.”

Swiss Federal Prosecutor after 11 years completely exonerates Alaa and Gamal Mubarak and confirms the legality of all their activities and related assets. Investigation reveals all assets owned by them were fully declared to relevant Egyptian authorities.https://t.co/2mN0cJrhF7

— Alaa Mubarak (@AlaaMubarak_) April 13, 2022

The Mubaraks’ foreign assets were frozen in Swiss banks upon a request from the Egyptian government following his toppling in 2011. Since then, the Swiss authorities conducted investigations with 14 suspects along with Mubarak and froze an estimated 650 million francs ($ 664 million) smuggled out of Egypt during Mubarak’s era to Switzerland. However, in December 2016, Swiss Attorney General Michael Lauber announced in a press conference in Cairo that charges of money laundering and organized crime were dropped against a number of suspects, and a total of 180 million Swiss francs ($175.52 million) were unfrozen and returned to their owners.

“Around CHF 180 million was already released between 2016 and 2018. Taken with the CHF 32 million that had been transferred to Egypt, that left around CHF 400 million under seizure. In accordance with the decision of 07.04.2022, these assets will be released and returned to their beneficial owners,” the Wednesday decision said.

The Swiss Attorney General Office (AGO) told Egypt Today in March 2017 that Mubarak was not one of the suspects that are being investigated over charges of money laundering or organized crime in Switzerland. “The former President Mubarak is not a suspect in the Swiss criminal proceedings related to the ‘Arab Spring’,” said the AGO in its comments to Egypt Today, adding that Mubarak’s name is found in the list of the politically exposed persons whose assets have been ordered to be frozen by the Swiss Federal Council,” AGO told Egypt Today.

In September 2017, the Swiss authorities ceased legal mutual aid with Egypt over charges of money laundering or of organized crime.

Last week, the General Court of the European Union upheld its previous decisions of unfreezing the assets and funds of late Egyptian President Hosni Mubarak's family, ending a legal case that lasted for 11 years.

On March 21, 2011, following the January 2011 Revolution, the Council of the European Union had frozen the assets belonging to late President Mubarak, his two sons (Gamal and Alaa), his wife Suzan Thabet, and his daughters-in-law Heidy Rasekh and Khadija al-Gammal. Since then, the court decision has been extended annually until 2020 when the European Court of Justice annulled the decision and lift the sanctions imposed on them.