Financial investigators in the United States and Europe are on a global treasure hunt for allegedly ill-gotten gains amassed by deposed Egyptian dictator Hosni Mubarak during his 30-year reign.
The former strongman is believed to have stockpiled a family fortune worth anywhere from $5 billion to $70 billion, with Mubarak detractors saying much of it came from huge kickbacks from military deals and government privatization.
Mubarak and his two multimillionaire sons reportedly own property in London, New York, Los Angeles and other major cities.
It’s time to follow the money trail, Swiss banking officials said Friday as they announced a freeze on the assets of the Mubarak family and several cronies on the same day the dictator fled to the luxurious family stronghold on the Red Sea after an 18-day standoff with demonstrators.
British investigators launched their own probe for millions in cash and assets he’s suspected of stashing there, the Sunday Times of London reported. Britain’s Serious Fraud Office hopes to ascertain the origins of Mubarak’s wealth before his family and pals can drain their accounts there.
The Mubarak clan is suspected of squirreling away billions in offshore accounts invested discreetly in arms-length companies, or tied up in luxury homes and hotels.
Swiss banks were ordered to freeze the accounts belonging to Mubarak, his wife Suzanne Thabet, his sons, Alaa and Gamal, and their wives. They’re also freezing accounts of several business partners, including Ahmed Ezz, and Rachid Mohamed Rachid, a former Egyptian commerce minister who sits on the board of HSBC bank.
Rachid’s daughter is prominent Egyptian businesswoman Hosna Rachid, who oversees the country’s largest manufacturing conglomerate and was Egypt’s ambassador to the United Arab Emirates.
Gamal and Alaa were flown out of Egypt last month on a private jet belonging to Samih Sawiris, whose family is among the richest in Egypt, with business interests ranging from resort development to cellphones in North Korea.
Sawiris heads the Swiss-based Orascom Development Holdings, which operates vacation resorts in Europe, Egypt and Jordan.
Additional reporting by Aaron Short and Post Wire Services