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Egypt Prosecutor Orders Mubarak Asset Sequestration

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Feb. 28 (Bloomberg) -- Egypt’s public prosecutor ordered the sequestration of the assets of former President Hosni Mubarak and his family and banned them from traveling.

The prosecutor ordered that all of the family’s money transfers, real estate, stocks and bonds in companies and banks be sequestered, his office in Cairo said in a faxed statement today. Banks and entities concerned have been notified.

The prosecutor has received several complaints about how Mubarak increased his wealth by illegitimate means in Egypt, according to the statement. On Feb. 21, the prosecutor asked the foreign minister to request that the foreign assets of the former president and his family be frozen.

Mubarak submitted a financial disclosure statement to judicial authorities, the state-run Middle East News Agency reported on Feb. 20. He routinely files such statements, the news agency said, citing an unidentified representative of the former president who denied media reports about the size of Mubarak’s wealth and about accounts and properties he held abroad.

Mubarak stepped down on Feb. 11 after 30 years as president following a popular revolt. Egypt’s army has dissolved the parliament and suspended the constitution pending elections.

To contact the reporter responsible for this story: Mahmoud Kassem in Cairo at mkassem1@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

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