Bloomberg News

Mubarak Sons Have $340 Million in Swiss Banks, MENA Reports

October 17, 2011

(Updates with details of assets in second paragraph).

Oct. 17 (Bloomberg) -- The two sons of former President Hosni Mubarak, Alaa and Gamal, have about $340 million deposited in Swiss banks, the state-run Middle East News Agency reported today, citing Assistant Justice Minister Assem El-Gohary.

Alaa Mubarak alone has $300 million, MENA said. An Egyptian judicial committee also found documents that show businessman Hussein Salem, who was sentenced this month in absentia to seven years in prison in a corruption-related case, and his two children have more than 24 billion Egyptian pounds ($4 billion) held in several countries, the news agency said.

The Swiss government has frozen 410 million francs ($458 million) of assets connected to Mubarak, his family and associates. Gamal and Alaa are standing trial alongside their father on corruption charges. Mubarak is also accused of conspiring to kill some of the protesters who swept him from power in February.

--Editors: Ben Holland, Karl Maier.

To contact the reporter on this story: Mariam Fam in Cairo at mfam1@bloomberg.net

To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net


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