Over LE7 billion frozen in Egyptian assets worldwide, says report

Egypt has around US$1 billion, or LE7 billion, frozen in assets around the world, a report issued by the Egyptian Initiative for Personal Rights (EIPR) on Monday stated. The report focused on both the amount of assets that have yet to be repatriated to Egypt as well as issues within the repatriation process itself.

The repatriation of money stolen from Egypt either through corruption or embezzlement was one of the key demands of the January 25 revolution in 2011. However, much of that money remains in frozen accounts in Switzerland, the United Kingdom, Spain, Cyprus, Hong Kong, Canada and France, the report said.

There about $750 million frozen in Switzerland and LE85 million frozen in the UK, while the amount remaining in other countries remains undeclared. It is, however, estimated to be at least US$1 billion.