Mubarak sons 'have $340m in Swiss bank accounts'

The two sons of ousted President Hosni Mubarak have an estimated $340 million (£215m) in Swiss bank accounts, a senior Egyptian Justice Ministry official said today.

Assem al-Gohary said Swiss authorities are investigating whether one of the sons, Alaa, was involved in money laundering along with other ex-regime figures. At home, Mubarak and his sons have been charged with corruption and all three are under arrest. Mubarak is also charged with complicity in the killing of about 850 protesters during the Jan. 25-Feb. 11 Egyptian uprising.



Rumors circulated during the uprising Mubarak and his sons amassed tens of billions of dollars in corrupt practices, helping drive the anger that brought him down.



Switzerland has already frozen the assets of the Mubarak family and other ex-Egyptian regime figures, which al-Gohary estimated at nearly $450 million. He added that most of those assets belong to the sons.



Egypt's attorney general froze the assets of the former presidential family on Feb. 20, in the aftermath of 18-day uprising that ousted Mubarak.



Mubarak's youngest son and one-time heir apparent Gamal, 47, rose rapidly through the ranks of his father's ruling National Democratic Party over the past decade to become the country's most powerful politician.



He was surrounded by mega-rich businessmen who sought political careers to promote their business interests.



The wealth of 49-year-old Alaa has been the subject of much speculation well before the political rise of his younger brother. There are allegations that he used his status to muscle in on profitable enterprises, taking a cut of profits without contributing to the funds invested or work done.



Al-Gohary also said that the wealth of Mubarak's top associate, tycoon Hussein Salem, and his family exceeded $4 billion. He added that Salem and his family have transferred funds overseas in the past six months.



"They transferred assets into cash and deposited it in secret accounts in banks in islands overseas, Hong Kong, and United Arab Emirates," al-Gohary said in a statement.



The 77-year-old Salem is co-defendant in the Mubarak corruption trial and faces charges in relation to lucrative land and other deals, including exporting gas to Israel. He is also under arrest.



Mubarak and his sons are accused of accepting five villas worth nearly $7 million in Sharm el-Sheikh from a co-defendant Hussein Salem; in return, Mubarak used his influence with the governor of South Sinai, where Sharm el-Sheikh is located, to ensure Salem could buy prime real estate in the town at a vastly reduced price to build a resort complex.



Salem along with his son were arrested in a wealthy Madrid suburb in June and Spain said it has frozen €33 million in accounts held by Salem and his relatives.



Upon his arrest, Salem, one of the most secretive businessmen in Egypt, appeared before two judges: one handling the Spanish money laundering probe and another dealing with the international warrant under which Salem was arrested at the request of Egypt.

AP

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Arts and Entertainment
AKB48 perform during one of their daily concerts at Tokyo’s Akihabara theatre
musicJapan's AKB48 are one of the world’s most-successful pop acts
News
Ian Thorpe has thanked his supporters after the athlete said in an interview that he is gay
people
News
The headstone of jazz great Miles Davis at Woodlawn Cemetery in New York
news
Arts and Entertainment
Brendan O'Carroll has brought out his female alter-ego Agnes Brown for Mrs Brown's Boys D'Movie
filmComedy holds its place at top of the UK box office
News
newsBear sweltering in zoo that reaches temperatures of 40 degrees
Arts and Entertainment
Professor Kathy Willis will showcase plants from the Royal Botanic Gardens at Kew
radioPlants: From Roots to Riches has been two years in the making
Arts and Entertainment
TV The follow-up documentary that has got locals worried
Arts and Entertainment
Eminem's daughter Hailie has graduated from high school
music
Arts and Entertainment
Original Netflix series such as Orange Is The New Black are to benefit from a 'substantial' increase in investment
TVHoax announcement had caused outrage
Life and Style
Swimsuit, £245, by Agent Provocateur
fashion

Diving in at the deep end is no excuse for shirking the style stakes

News
One Direction star Harry Styles who says he has no plans to follow his pal Cara Delevingne down the catwalk.
peopleManagement confirms rumours singer is going it alone are false
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Dynamics CRM Developer (C#, .NET, Dynamics CRM 2011/2013)

£40000 - £60000 per annum + Benefits + Bonus: Harrington Starr: Dynamics CRM D...

Web Developer (C#, ASP.NET, AJAX, JavaScript, MVC, HTML)

£40000 - £45000 per annum + Benefits + Bonus: Harrington Starr: Web Developer ...

C# R&D .NET Developer-Algorithms, WCF, WPF, Agile, ASP.NET,MVC

£50000 - £67000 per annum + Benefits + Bonus: Harrington Starr: C# R&D .NE...

C# Developer (Web, HTML5, CSS3, ASP.NET, JS, Visual Studios)

£40000 - £50000 per annum + Benefits + Bonus: Harrington Starr: C# Developer (...

Day In a Page

Super Mario crushes the Messi dream as Germany win the 2014 World Cup in Brazil

Super Mario crushes the Messi dream

Germany win the 2014 World Cup in Brazil
Saharan remains may be evidence of the first race war, 13,000 years ago

The first race war, 13,000 years ago?

Saharan remains may be evidence of oldest large-scale armed conflict
Scientists find early warning system for Alzheimer’s

Scientists find early warning system for Alzheimer’s

Researchers hope eye tests can spot ‘biomarkers’ of the disease
Sex, controversy and schoolgirl schtick

Meet Japan's AKB48

Pop, sex and schoolgirl schtick make for controversial success
Iraq crisis: How Saudi Arabia helped Isis take over the north of the country

How Saudi Arabia helped Isis take over northern Iraq

A speech by an ex-MI6 boss hints at a plan going back over a decade. In some areas, being Shia is akin to being a Jew in Nazi Germany, says Patrick Cockburn
The evolution of Andy Serkis: First Gollum, then King Kong - now the actor is swinging through the trees in Dawn of the Planet of the Apes

The evolution of Andy Serkis

First Gollum, then King Kong - now the actor is swinging through the trees in Dawn of the Planet of the Apes
You thought 'Benefits Street' was controversial: Follow-up documentary 'Immigrant Street' has got locals worried

You thought 'Benefits Street' was controversial...

Follow-up documentary 'Immigrant Street' has got locals worried
Refugee children from Central America let down by Washington's high ideals

Refugee children let down by Washington's high ideals

Democrats and Republicans refuse to set aside their differences to cope with the influx of desperate Central Americas, says Rupert Cornwell
Children's books are too white, says Laureate

Children's books are too white, says Laureate

Malorie Blackman appeals for a better ethnic mix of authors and characters and the illustrator Quentin Blake comes to the rescue
Blackest is the new black: Scientists have developed a material so dark that you can't see it...

Blackest is the new black

Scientists have developed a material so dark that you can't see it...
Matthew Barzun: America's diplomatic dude

Matthew Barzun: America's diplomatic dude

The US Ambassador to London holds 'jeans and beer' gigs at his official residence – it's all part of the job, he tells Chris Green
Meet the Quantified Selfers: From heart rates to happiness, there is little this fast-growing, self-tracking community won't monitor

Meet the 'Quantified Selfers'

From heart rates to happiness, there is little this fast-growing, self-tracking community won't monitor
Madani Younis: Five-star reviews are just the opening act for British theatre's first non-white artistic director

Five-star reviews are just the opening act for British theatre's first non-white artistic director

Madani Younis wants the neighbourhood to follow his work as closely as his audiences do
Mrs Brown and her boys: are they having a laugh?

Mrs Brown and her boys: are they having a laugh?

When it comes to national stereotyping, the Irish – among others – know it can pay to play up to outsiders' expectations, says DJ Taylor