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UK frauds’ office looking for Mubarak’s cash and assets, says Sunday Times

Monday, February 14th 2011 - 03:40 UTC
Full article 3 comments
Where has deposed Egyptian president Hosni Mubarak hidden his life ‘savings’? Where has deposed Egyptian president Hosni Mubarak hidden his life ‘savings’?

A British government minister said on Sunday there should be an international approach to dealing with the overseas assets of deposed Egyptian president Hosni Mubarak and his family.

Britain's Serious Fraud Office (SFO), which investigates financial crime, has launched a hunt for cash and assets linked to Mubarak, the Sunday Times reported, without citing sources.

So far only Switzerland has announced a freeze on assets that might belong to Mubarak, who stood down on Friday after 30 years of rule.

British business minister Vince Cable said countries need to work together on Mubarak's assets, reported to be worth at least millions of dollars and held secretly around the world.

Asked if Britain would follow Switzerland's lead, Cable told BBC television: “I was not aware that he had enormous assets here, but there clearly needs to be a concerted international action on this.

”There is no point one government acting in isolation, but certainly we need to look at it. It depends also whether his funds are illegally or improperly obtained,“ Cable added.

Britain could lock down any assets linked to Mubarak at the request of the European Union or United Nations, or if asked directly by Egypt, a government official said.

Egypt's ambassador to London, Hatem Seif el Nasr, said he had no information about any of Mubarak's assets. ”Truly, about the money I have absolutely no knowledge,“ he told BBC TV.

Switzerland has also frozen assets belonging to Tunisia's former president Zine al-Abidine Ben Ali, who was ousted by a popular uprising last month.

SFO head Richard Alderman, asked about reports that assets were secretly held in London by Mubarak and Ben Ali's families, told the Sunday Times: ”The public would expect us to be looking for some of this money if we became aware of it, and to try to repatriate it for the benefit of the people of these countries.”
 

Categories: Politics, International.

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  • Redhoyt

    Now everyone is jumping the gun. Keen not to offend whichever new administration comes in, but think on this.

    Mubarak did not collect millions while paying his high ranking military supporters peanuts. It would be a safe assumption that they were also able to put together small fortunes. And, having just dissolved Parliament, they are now the ones in charge !

    Interesting times :-)

    Feb 14th, 2011 - 04:58 am 0
  • NicoDin

    Typical British tactic...

    Now that the man is falling let’s go to get what we can from him, as it is the first time we hear about his atrocities.

    Warning for British wannabe, overseas territories and future puppets of yanks and brits policies no matter what you do for them even if you starve your on lads. In the end they will rip you off like Pinochet, Saddam, etc.

    Feb 14th, 2011 - 06:45 am 0
  • Rufus

    #2 Dim “In the end they will rip you off”

    Or it could be that the UK government has received a request to freeze specific accounts from the Egyptian government?

    http://www.bbc.co.uk/news/uk-12453073

    Feb 15th, 2011 - 11:21 am 0
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