Egyptian frozen assets case makes headway

Switzerland is optimistic it can soon conclude a legal assistance procedure, like that with Tunisia, says a top official. It has blocked SFr410 million ($445 million) of assets said to belong to former President Hosni Mubarak and his entourage.

The turnout on Monday and Tuesday for Egypt’s landmark parliamentary elections, the first since a popular uprising toppled Mubarak in February, has been huge despite security concerns after deadly violence in the week beforehand.

Swiss officials say the possible return of the blocked assets has not been affected by either the recent chaos or the ongoing election process.

“We are still continuing our contacts with the Egyptian authorities,” Valentin Zellweger, head of the international law section at the Swiss foreign ministry, told swissinfo.ch. “Based on these, we believe the Egyptian justice system will pursue criminal proceedings.”

Swiss law only allows money frozen in its banks to be confiscated and returned after its source has been declared illicit by a court.

Switzerland is confident it can attain its goal of finalising a formal legal procedure with Egypt similar to the one with Tunisia, said the legal expert.

At the beginning of October Tunisia’s request for legal assistance concerning the restitution of SFr60 million held in Swiss banks allegedly belonging to former President Zine el-Abidine Ben Ali and his entourage was accepted by the Federal Justice Office.