AMEinfo EXPERTS
by Ali Nehme
Publicis Media Middle East


VIEW ALL EXPERTS

Switzerland unblocks 180 million francs frozen in Egypt probe

December 19, 2016 11:00 am

Panoramic view over city rooftops and Lake Geneva, Geneva, Switzerland. (Image: Alamy)

* Swiss Office of the Attorney General unblocked assets worth 180 million Swiss francs

* The office has been investigating unnamed suspects in Switzerland on suspicion of money laundering and supporting or participating in criminal organisation

* Criminal investigations against six unnamed persons are now underway, the OAG said in a statement, while 430 million francs remains frozen

 

Blocked assets worth 180 million Swiss francs ($175.52 million)have been unfrozen by the Swiss Office of the Attorney General, the OAG said, after it dropped part of a criminal inquiry related to the Arab Spring in Egypt.

The OAG had been investigating “several” unnamed persons in Switzerland on suspicion of money laundering and supporting or participating in a criminal organisation.

 

(Gulf tourists to Switzerland increase by 26.3 per cent)

 

More investigations

The Swiss inquiry was launched in 2011 following events related to the Arab Spring protests which led to the downfall of long-time Egyptian leader Hosni Mubarak.

The OAG announced the decision to unfreeze the assets following a meeting between Switzerland’s Attorney General Michael Lauber and his counterpart in Egypt over the weekend.

Criminal investigations against six unnamed persons are now underway, the OAG said in a statement, while 430 million francs remains frozen.

 

(Egypt’s long-awaited investment law to go before cabinet)

Tags:

Reuters
By Reuters
A division of Thomson Reuters, Reuters is an international news agency headquartered in London, England, and provides up-to-the-minute news and views on global and regional events.

s