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Cyprus

Egyptian court orders Mubarak funds held in Cyprus be seized

Gamal Mubarak

Egyptian state prosecutors have reportedly requested a Cairo court seize funds allegedly held in Cyprus and said to belong to the sons of former Egyptian President Hosni Mubarak.

According to the Asharq Al-Awsat publication, the request was made in a trial concerning a ‘stock exchange manipulation’ case involving Mubarak’s two sons, Alaa and Gamal, along with seven other defendants.

Investigations carried out by Egypt following the overthrow of Mubarak in 2011 showed that his sons owned companies in partnership with other parties in Cyprus, but Egypt had not yet recovered the funds.

The prosecution accused Gamal Mubarak of “participating in assisting with public officials in the crime of profiteering and obtaining illegal money for himself and his companies.”

It said parties agreed to sell one of the banks, enabling him to acquire a percentage of the bank’s shares through one of his companies in Cyprus.

The court adjourned the trial to March 23, and the public prosecution called for summoning more witnesses in the case.

It was not clear from the report whether the monies are believed to be located in the south or the north of Cyprus, or whether the funds have been definitively tracked.

The investigation into Egyptian state funds siphoned overseas by the Mubarak regime began in 2011.

According to earlier reports, Switzerland and the UK have already frozen an estimated €445m worth of assets linked to former regime figures.

In June 2012, as part of the investigation an Egyptian delegation visited Cyprus. According to ahramonline, proceedings had then been launched in Cyprus against four companies in a bid to find assets connected to the former regime.

The Egyptian delegation met officials from Cyprus’ justice ministry and the Unit for Combating Money Laundering (Mokas), seeking documents which could help identify links to Mubarak-era figures.

“The meeting went very well. It was very productive. The Cyprus government is giving full support,” the then-Egyptian Ambassador Menha Mahrous Bakhoum had told the Cyprus Mail.

“There is nothing concrete yet. We are investigating,” she added.


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