Assets recovery committee receives reconciliation requests

CAIRO – 28 October 2017: The Egyptian committee assigned to retrieve assets illegally moved abroad received on Friday five new reconciliation requests from Mubarak-era officials who face trials over charges of corruption and acquiring illicit gains.

According to sources in the committee, there are 34 requests submitted by former officials seeking reconciliation with the Egyptian government over total illicit financial flows estimated at LE 6 billion.

The sources said that the committee contacted Swiss judicial authorities to extend its freeze of the funds of former President Hosni Mubarak, his family, some officials and businessmen until Egypt completes investigations.

The Swiss Federal Council has imposed a three-year freeze on all assets in the country of the former Egyptian president and parties close to him, worth $480 million, since 2011. The council extended the asset freeze for three more years which is due to expire in February 2018.

Moreover, Swiss judicial authorities decided to halt mutual legal assistance to the Egyptian government in the investigations into the funds of Mubarak-era officials, as the investigations have not yielded any tangible results, according to a statement issued by the Swiss embassy in Cairo.