News World Mubarak's Sons Have $ 340 Million In Swiss Banks : Govt

Mubarak's Sons Have $ 340 Million In Swiss Banks : Govt

Cairo, Oct 18: The two sons of deposed Egyptian President Hosni Mubarak have stashed a whopping $ 340 million in Swiss banks, a senior Justice Ministry official today said, as the military government stepped up

mubarak s sons have 340 million in swiss banks govt mubarak s sons have 340 million in swiss banks govt

Cairo, Oct 18: The two sons of deposed Egyptian President Hosni Mubarak have stashed a whopping $ 340 million in Swiss banks, a senior Justice Ministry official today said, as the military government stepped up efforts to bring back billions siphoned abroad. 

Alaa and Gamal Mubarak have illicitly parked $ 340 million in Switzerland, said deputy justice minister Assem El-Gohary, who also heads the Illicit Gains Authority which is assigned with retrieving illegally money stashed abroad.

The major share - $ 300 million - was held by 49-year-old Alaa, Mubarak's elder son, a businessman who kept out of politics. The committee also announced that tycoon and Mubarak's confidant, Hussein Salem and his family have a fortune of $ 4 billion stashed outside Egypt, according to bank transfer records.

Gohary said that icons of the former regime hid their fortunes abroad by establishing offshore companies that are not subject to money laundry regulations.  According to Gohary, the committee was able to obtain information on their practicse through cooperation with “international financial intelligence” agencies and top law offices abroad, Egyptian newspaper Al Ahram reported.  He said the committee has other documents detailing the fortunes of regime members, but is refraining from announcing them to maintain secrecy, saying those who are trying to hide their wealth continuously manipulate their accounts.
 
Swiss authorities are currently undertaking judicial probe against Alaa, former tourism minister Zoheir Garana, and business magnate Yassin Mansour on charges of money laundering and forming a “criminal gang organisation”, Gohary said. 

The assets of Mubarak's two sons make up the majority of the $ 460 million in Egyptian funds frozen by the Swiss government since the strongman's overthrow in February.

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