"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.
Crow's Eye: Maintaining a commitment to Pointless Acrimony™ and Hate Filled Invective™! Also available in corvid mischief and traditional sly dog's mistrust.
The new Swiss law is definitely a step in the best direction, and the freezing is fantastic news.
ReplyDeleteI hope this ends up like a Slinky down the Potemkin stairs!
Without any personal offense intended your way, Charles, I haven't much use for lawyers...
ReplyDelete...but, the thought of dozens and dozens of them tying this money up in litigation for the next decade?
Yum.
Where is his son?
ReplyDeleteHow much does he have stashed?
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.
ReplyDeleteThanks good to hear.
ReplyDeleteI 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
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.
ReplyDeletePlenty 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.
And something that just hit me:
ReplyDeleteA very sweet synchronicity with, and counterpoint to, Uncle Sam freezing assets of suspected terrorists.
That just makes my day!
Mubarak hasn't payed off the right people yet.
ReplyDeleteEgypt's national debt is $34bn, Mubarak's personal fortune is estimated to between $40 - $70bn...
ReplyDeleteEd,
ReplyDeleteThat'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.