Swiss Freeze $700 Million in Mubarak Funds, 20 Minuten Reports

Switzerland so far has frozen almost $700 million belonging to former Egyptian President Hosni Mubarak and his family after discovering additional funds, 20 Minuten Online reported, citing Jeannette Balmer, spokeswoman for the Federal Attorney General’s office.

The amount exceeds a previously reported estimate of 410 million Swiss francs ($415 million), the newspaper said. The funds are being investigated by the Attorney General because of suspected money laundering and links to criminal activities, the newspaper reported.

Switzerland’s federal court in April accepted Egypt as a plaintiff in the case and is awaiting a formal request by Egypt for a return of the funds, 20 Minuten said.

To contact the reporter on this story: James Kraus in London at jkraus2@bloomberg.net

To contact the editor responsible for this story: Matthias Wabl at mwabl@bloomberg.net

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