Sunday, February 13, 2011

Egypt: Hosni Mubarak used last 18 days in power to secure his fortune

Hosni Mubarak used the 18 days it took for protesters to topple him to shift his vast wealth into untraceable accounts overseas, Western intelligence sources have said.

Egypt's President Hosni Mubarak speaks with Russia's Deputy Foreign Minister Alexander Saltanov at the presidential palace in Cairo. 
The price of Brent crude rose sharply early on Friday when it appeared that President Mubarak would cling to power Photo: Reuters

By Philip Sherwell, in New York, Robert Mendick, and Nick Meo in Cairo  The Telegraph, Feb 12, 2011

The former Egyptian president is accused of amassing a fortune of more than £3 billion – although some suggest it could be as much as £40 billion – during his 30 years in power. It is claimed his wealth was tied up in foreign banks, investments, bullion and properties in London, New York, Paris and Beverly Hills.

In the knowledge his downfall was imminent, Mr Mubarak is understood to have attempted to place his assets out of reach of potential investigators.

On Friday night Swiss authorities announced they were freezing any assets Mubarak and his family may hold in the country’s banks while pressure was growing for the UK to do the same. Mr Mubarak has strong connections to London and it is thought many millions of pounds are stashed in the UK.

But a senior Western intelligence source claimed that Mubarak had begun moving his fortune in recent weeks.

“We’re aware of some urgent conversations within the Mubarak family about how to save these assets,” said the source, “And we think their financial advisers have moved some of the money around. If he had real money in Zurich, it may be gone by now.”

Continues >>
Post a Comment