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EU extends freeze on Mubarak’s assets – source

Hosni Mubarak, Former President of Egypt
Hosni Mubarak, Former President of Egypt

The European Union has agreed to extend a freeze on the assets on deposed Egyptian president Hosni Mubarak and his sons Gamal and Alaa, as well as 14 others, to 2020, according to a source.

The last asset freeze for Mubarak and the 16 others expired on 19 March, 2017.

The EU decision to extend the asset freeze came upon the request of the Egyptian authorities. Through diplomatic channels and the Egyptian foreign ministry, the Egyptian justice ministry and prosecutor-general addressed the European Union, requesting that the freeze on the assets of Mubarak and his family, as well as those of members of his regime, be extended on the grounds that they are charged in lawsuits inside and outside Egypt.

Read: Celebrations for the release of Mubarak

In a lawsuit dubbed in the media as the “Ahram gifts” case, Mubarak is accused of illegally receiving gifts from the state-owned Al-Ahram media organisation. Mubarak was also convicted, in a separate case, of embezzlement and seizing public funds for the presidential palaces. He was sentenced for three years in prison.

The source said that the EU is expected to issue a press release on the extension of the freeze imposed on Mubarak’s assets.

Hosni Mubarak, who ruled Egypt for 30 years, was ousted in a popular uprising in 2011.

According to the Egyptian newspaper, Al-Mesryoon, Mubarak is in possession of an estimated three billion and 600 million Egyptian pounds in real estate funds, stocks, bonds, bank accounts and companies.

Sources close to the committee investigating the value of Mubarak’s wealth said the committee encountered great difficulty due to the inaccessibility of his financial accounts.

The reports, however, point out that Mubarak and members of his regime have over one billion dollars in overseas holdings. That figure includes an estimated $650 million held aside for Mubarak and his two sons. This is the equivalent of 9 billion Egyptian pounds in assets and real estate in London, Cyprus and America. Additionally, the former president also holds $410 million in Switzerland.