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Thursday, 21 December 2017

Switzerland lifts freeze on Mubarak-era figures’ assets

Switzerland has officially lifted its freeze on assets worth a combined CHF 430 mn (USD 436 mn) belonging to Mubarak-era figures, Reuters reports. “Taking note of the recent closing of the mutual legal assistance procedures between Switzerland and Egypt, the Federal Council decided to lift with immediate effect the freeze on assets in the context of this country,” the government said. However, the funds will remain sequestered, until an investigation determines if they were acquired illicitly, the newswire notes.

Meanwhile in Egypt, the Giza Criminal Court acquitted yesterday Mubarak-era tourism and housing ministers Zoheir Garranah and Ahmed El Maghraby of charges of profiteering and facilitating the acquisition of state-owned lands, Al Masry Al Youm reports. The two ministers had previously been acquitted of the charges in 2013, after which the Court of Cassation ordered a retrial.

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