"...it's not the training to be mean but the training to be kind that is used to keep us leashed best." ~ Black Dog Red

"In case you haven't recognized the trend: it proceeds action, dissent, speech." ~ davidly, on how wars get done

"...What sort of meager, unerotic existence must a man live to find himself moved to such ecstatic heights by the mundane sniping of a congressional budget fight. The fate of human existence does not hang in the balance. The gods are not arrayed on either side. Poseiden, earth-shaker, has regrettably set his sights on the poor fishermen of northern Japan and not on Washington, D.C. where his ire might do some good--I can think of no better spot for a little wetland reclamation project, if you know what I mean. The fight is neither revolution nor apocalypse; it is hardly even a fight. A lot of apparatchiks are moving a lot of phony numbers with more zeros than a century of soccer scores around, weaving a brittle chrysalis around a gross worm that, some time hence, will emerge, untransformed, still a worm." ~ IOZ

Feb 11, 2011

Swiss Freeze Mubarak's Accounts

"Switzerland has frozen assets possibly belonging to Hosni Mubarak, who stepped down as president of Egypt Friday after 30 years of rule, a spokesman for the foreign ministry said.

'I can confirm that Switzerland has frozen possible assets of the former Egyptian president with immediate effect,' spokesman Lars Knuchel said, declining to specify how much money was involved."


Source.

According to the Financial Times, a new Swiss law allows these funds to be returned if unlawfully accrued.

10 comments:

Charles F. Oxtrot said...

The new Swiss law is definitely a step in the best direction, and the freezing is fantastic news.

I hope this ends up like a Slinky down the Potemkin stairs!

Jack Crow said...

Without any personal offense intended your way, Charles, I haven't much use for lawyers...

...but, the thought of dozens and dozens of them tying this money up in litigation for the next decade?

Yum.

RealityZone said...

Where is his son?
How much does he have stashed?

Jack Crow said...

According to the FT report (which comes with a warning not to cut and link to the web, so I didn't) all Mubarak related or presumed assets have been frozen, RZ. Including those of his wife, both sons, a son in law, and cabinet members.

RealityZone said...

Thanks good to hear.
I know the F.T. is a little fussy. :-)

I am sure Mubarak did not put all of his stash in one pot.

He and the rest of his crew will be well taken care of.

I forget when and on which MSM it was.
But they were using the son of the Shah as a talking head about Egypt.
UNBELIEVABLE

Charles F. Oxtrot said...

None taken or inferred, Jack. I don't work as one any longer for reasons that are probably similar to some or all of the ones that cause you to have no use for them.

Plenty of good things can happen while assets are frozen, the most obvious of which is the disgorging of wrongful gains under that new Swiss law, but the mere fact of freezing and having their status in dispute prevents those funds from being used and, naturally, calls their character into question.

A positive development all around, it seems.

Charles F. Oxtrot said...

And something that just hit me:

A very sweet synchronicity with, and counterpoint to, Uncle Sam freezing assets of suspected terrorists.

That just makes my day!

DPirate said...

Mubarak hasn't payed off the right people yet.

Restless Ed said...

Egypt's national debt is $34bn, Mubarak's personal fortune is estimated to between $40 - $70bn...

Jack Crow said...

Ed,

That's putting things into perspective.

Pirate,

It's not often my thing to cheer on a law, but it will be fun to watch the Swiss perhaps make that harder for Mubarak and his clan.