Investors worried about freezing Muslim Brotherhood assets

Egyptian investors are worried about the rise of the Egyptian authorities’ campaign against the assets of the Muslim Brotherhood (MB), including freezing their properties and bank accounts, Quds Press reported on Friday.

Ezzat Khamis, the Head of the Judicial Committee which counts and manages funds pertaining to the MB, announced on Thursday the freezing of assets of Juhayna Food Industries CEO Safwan Thabet.

Juhayna is Egypt’s top dairy company. Khamis claimed that the company is unlikely to be affected by the move against its CEO, who is said to be allegedly affiliated with the MB.

Thursday’s announcement also included freezing the funds of 1,345 MB members and the assets of 66 other companies, 14 of which are currency exchange outlets.

This move, which shook the Egyptian exchange market, created potential worries for the investors, mainly those investing in the aforementioned company.

Khamis also said that by Thursday, the Judicial Committee had seized 103 MB-run schools, 1,117 NGOs and 50 hospitals, claiming that all these facilities were accused of funding the Islamist group.

Khamis said that the freezing of funds referred to moveable and immovable properties, as well as the cash money in the banks.