Switzerland holds off on repatriating Mubarak’s funds

Other News Materials 14 January 2013 02:04 (UTC +04:00)

Switzerland has postponed its effort to send 700 million Swiss francs (767 million dollars) of the former regime back to Egypt because of the uncertain political situation there, media reported Sunday.

Egyptian authorities had asked for judicial assistance in accessing frozen Swiss bank accounts of Hosny Mubarak and his family, DPA reported.

The decision by the attorney general follows a similar ruling by the federal criminal court from December, Swiss news agency sda reported.

The court found that Egyptian authorities could not access legal files of Swiss criminal proceedings against members of the family of ousted Egyptian President Hosny Mubarak, given the political instability.

Current President Mohamed Morsi set in motion mass protests in November centering on the new constitution and on his power struggle with judiciary authorities, which are in charge of getting back Mubarak's foreign assets.

Switzerland has started legal procedures to transfer close to 1 million Swiss francs of frozen assets of deposed Arab leaders to post-uprising governments. Swiss accounts allegedly hold illegal income from heads of state of Tunisia, Egypt, Libya and Syria, and from their families.