Switzerland unfreezes CHF 180 million Egyptian assets

The Attorney General of Switzerland Michael Lauber said on Saturday that investigations into the assets of ousted president Hosni Mubarak, his sons and associates are approaching a final phase and that tens of million of Swiss francs have recently been released, state news agency MENA reported.

Lauber, in a one-day visit to Cairo, said at a press briefing that 180 million Swiss francs has been unfrozen and released from Swiss banks so far, while another 430 million remains frozen.

The Swiss prosecutor said that the frozen assets of Mubarak and figures associated with him will be returned to their legal owners when the probe is finished. He said the money currently frozen relates to six people still under investigation, down from 14 since 2011.

The Swiss inquiry was launched in 2011 following events related to the Arab Spring protests which led to the downfall of long-time Egyptian leader Hosni Mubarak.

"As a consequence, the Swiss criminal investigation into suspicions of supporting and/or participating in a criminal organisation and money laundering is now being conducted against six persons; currently assets amounting to around 430 million swiss francs remain frozen," the statement added.

Lauber added that the Swiss Federal General Prosecution is trying its best to conclude the investigations. But he asserted that the speed of the process is not only Switzerland's responsibility. "All sides should do more efforts to move forward with that case," he said.