Switzerland lifts freeze on Mubarak’s assets

The Swiss government yesterday decided to end a freeze on Egyptian assets worth about $436 million, including those of former president Hosni Mubarak.

The government explained that the assets were frozen in the wake of the Arab Spring.

“With the conclusion of the joint legal assistance procedure 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. The money will not be released until the Swiss federal prosecutor decides whether its origins are legitimate, it added.

The government has decided to continue the freeze for another year on 56 million francs ($56.6 million) linked to ousted Tunisian President Zine El Abidine Ben Ali.

Read: Swiss embassy says investigation into Mubarak’s assets continues ‘independently’