Switzerland returns $33m to Egypt

Switzerland has returned $33 million in frozen assets to Egypt.

Some $700 million were frozen as a precaution following the overthrow of long-term dictator Hosni Mubarak in popular protests in the country in 2011. Much of the monies were returned in 2017, however $455 million remained.

The funds which have been returned belonged to Egyptian businessman Ahmed Abdelaziz Ezz. The steel entrepreneur was a close confidant of Mubarak. After being found guilty of corruption and other offences he was given a jail term but released in 2014 on bail.

The 59-year-old has now agreed to have his frozen assets transferred into state coffers.

Approximately $422 million are still held by Swiss authorities; around $317 million are in accounts which belong to Mubarak’s sons.

Read: Court dismisses case against Mubarak-era tycoon in reconciliation deal