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EGP 11 billion recovered from former regime members

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EGP 50 billion more to come

The assistant prosecutor general for the public prosecution office announced on Saturday that EGP 11 billion of state apparatus has been recovered in the form of cash and land, state owned Al-Ahram reported.  The public prosecution service is also pursuing a further EGP 50 billion.

The Egyptian state information service confirmed that the public prosecution announced “it has succeeded in restoring EGP 11bn of funds that were looted under the former regime of ousted President Hosni Mubarak.”

Spokesman for the public prosecution Adel Al-Saeed confirmed that the funds that have been returned are the result of an investigation which was conducted from in February 2011 until the end of last month.

The state information service Al-Ahram confirmed that Al-Saeed said, “efforts are underway to restore another 50 billion pounds after conviction rulings have been issued in some complaints against ex-regime members.”

Since the January 25 revolution, the public prosecution has conducted a number of investigations, which resulted in a number of former regime officials being referred to the judiciary.

The assets of Mubarak and other former regime figures have been frozen in the UK, Switzerland and Spain. A Ministry of Justice spokesperson confirmed “a law has been drafted aimed at facilitating the return of funds.”

The precise value of the assets which were allegedly stolen by former regime members is unknown.

In September, British Prime Minister David Cameron promised President Mohamed Morsy he would work towards unfreezing $160 million of Egyptian assets, according to AP. In October, the Swiss Foreign Minister, Didier Burkhalter made a similar pledge to return an estimated $700 million worth of assets. The return of these assets is dependent on the outcome of the trials of former regime members.

 

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Joel Gulhane

News Reporter

Joel Gulhane is a journalist with an interest in Egyptian and regional politics. Follow him on Twitter @jgulhane


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